$7bn bailout package for Pakistan expected in August

Islamabad: The International Monetary Fund (IMF) executive board meeting is scheduled to convene in mid-August to finalise the approval of a $7 billion bailout package for Pakistan.

According to details, the IMF will give its final approval four to six weeks later after staff-level agreement.

The staff-level agreement was scheduled on July 12 between IMF and Pakistan, before the agreement Pakistan must secure external financing assurance.

On the other hand, IMF also indicated to start a new program soon for Pakistan to deal with the risks of climate change and natural disasters. Talks for the funding on climate change and natural disaster is expected to be held soon.

According to media reports, Pakistan has to identify long-term priority basis projects and programs for climate change. IMF’s Resilience and Sustainability Facility (RSF) program provides affordable and long-term financing in collaboration with other international institutions.

Earlier in an interview the Finance Minister Muhammad Aurangzeb said that the IMF will give its approval till the end of August for staff level agreement. Negotiations on the external financing gap with IMF are underway which won’t affect the staff-level agreement.