Pakistan aims to secure a staff-level agreement with the International Monetary Fund (IMF) by June or early July, according to Finance Minister Muhammad Aurangzeb. The current $3 billion arrangement expires in late April, after Islamabad secured it last summer to prevent a sovereign default.
Pakistan desires a long-term loan with a larger amount to promote macroeconomic stability and provide a framework for implementing structural reforms. “We are still optimistic about reaching a staff-level agreement by June or early July,” Aurangzeb stated at a conference in Islamabad. He recently returned from Washington after leading a team to the IMF and World Bank’s spring meetings.
Aurangzeb described the Washington discussions as “very positive.” He noted that the details of the extended program’s size and duration are yet to be determined.
