Pakistan, IMF Likely to Finalize $1.2 Billion Staff-Level Agreement

Pakistan and the IMF are likely to finalize a $1.2 billion staff-level agreement this week, according to Finance Minister Muhammad Aurangzeb.

In an interview with a foreign news agency, Finance Minister Muhammad Aurangzeb said that talks with the IMF are progressing well and a staff-level agreement is expected soon. He added that discussions are moving in a positive direction.

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The minister said that both sides are also reviewing the $7 billion Extended Fund Facility and the $1.4 billion Resilience Fund. He noted that the IMF program has supported Pakistan’s $370 billion economy during inflation, currency devaluation, and financial instability.

Aurangzeb further shared that Pakistan plans to issue its first Green Panda Bond by the end of this year. He added that the country may launch a bond worth at least $1 billion in global markets next year, with options including Eurobonds, Sukuk, and dollar-denominated bonds.

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Pakistan and the IMF are likely to finalize a $1.2 billion staff-level agreement this week, according to Finance Minister Muhammad Aurangzeb. He also said that the government’s privatization plan will move faster next fiscal year, especially with progress in PIA and power distribution companies.