IMF approves Pakistan's appeal for new loan program

Islamabad: The significant progress has been made on the new loan program between Pakistan and the International Monetary Fund (IMF).

According to the media reports, the IMF accepted Pakistan's request for a new loan program.

It is also reported quoting sources in the Ministry of Finance, the IMF delegation will arrive in Pakistan next month for negotiations on the new loan program and the budget proposal for the next financial year.

Pakistan has submitted two appeals to the IMF out of which the request for Extended Fund Facility has been approved, while the second request will be reviewed by the mission during its visit to Pakistan. Pakistan will be able to borrow about $6 billion under the Extended Fund Facility, stated the report.

The reports also suggest that the new loan program from IMF is likely to be for the period of more than three years.

It is pertinent to note that Finance Minister Muhammad Aurangzeb requested the IMF for a new loan program which was approved.