Bailout: Pakistan thanks 黑料社区, UAE, China for support ahead of IMF meeting today

The International Monetary Fund headquarters building is seen during the IMF/World Bank spring meetings in Washington, US, April 21, 2017. (REUTERS/File)
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  • IMF executive board scheduled to meet today to discuss approval of $7 billion loan for Pakistan
  • External financing gaps prompted Pakistan to seek commitments, debt reprofiling from key allies

ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday Pakistan had met the 鈥渢ough conditions鈥� set by the International Monetary Fund (IMF) with the help of 黑料社区, the United Arab Emirates and China, as the global lending agency鈥檚 board meets today to discuss the $7 billion loan program for the country.
Pakistan reached a staff-level agreement with the IMF in July for a fresh loan to keep its fragile economy afloat. Finance Minister Muhammad Aurangzeb had earlier expressed hope of sealing the deal by the end of August. However, delays were caused by an external financing gap, which prompted Pakistan to seek commitments from key allies and request debt reprofiling.
Just a day earlier, the finance minister again expressed optimism about securing the loan program after the IMF board meeting, while emphasizing the government鈥檚 commitment to structural reforms.
鈥淸Today] is the IMF board meeting, and we have fulfilled all of their conditions, very tough conditions, but praise be to God, we have completed them,鈥� he told the media in New York on the sidelines of the 79th United Nations General Assembly Session. 鈥淚 want to express my heartfelt gratitude once again, to our trusted brother nations, 黑料社区, China and the UAE. Without their immense support, this would not have been possible.鈥�
鈥淎t the final stage, the conditions were related to China, and just like in the past, the Chinese government once again held Pakistan鈥檚 hand and offered immense support,鈥� he added. 鈥淚 am deeply grateful to the Chinese leadership.鈥�
Pakistan鈥檚 last $3 billion IMF program helped avert a sovereign default in 2023 amid a sharp decline in foreign exchange reserves, currency depreciation and record inflation.
The government has already maintained that the country鈥檚 macroeconomic indicators have improved, though it needs the 37-month-long IMF program to solidify those gains.
鈥淵ou have to grow and build from a stable base,鈥� Pakistan鈥檚 finance minister said on Tuesday while addressing a high-level private sector dialogue, 鈥楥PEC-II and the Region.鈥� 鈥淲e have reached that level now. Now, we can say that we have a good foundation on which we can build from here.鈥�
鈥淣ow we need to move forward and stay with the reform agenda whether it鈥檚 on the taxation or energy side [or] on the state-owned enterprises or privatization side,鈥� he added.