Pakistan made ‘substantial progress’ by towards loan program: IMF

Pakistan-IMF loan program: Pakistan needs to repay about $3 billion of debt by June, while $4 billion is expected to be rolled over.

The International Monetary Fund said Pakistan has made “substantial progress” toward meeting policy commitments needed to unlock billions of dollars in loans the country needs to avoid default.

Pakistan Economic Crisis: A woman checks rice prices at a main wholesale market in Karachi. (AFP)

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“A staff-level agreement will follow once the few remaining points are closed,” said Esther Perez Ruiz, the IMF’s resident representative for Pakistan, referring to a key milestone to unlock a program expected to be worth $6.5 billion.

“Ensuring there is sufficient financing to support the authorities in the implementation of their policy agenda is the paramount priority,” she added.

Pakistan Finance Minister Ishaq Dar said last week that the IMF wants to see countries finalize commitments they’ve made to help Pakistan shore up its funds.

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Pakistan needs to repay about $3 billion of debt by June, while $4 billion is expected to be rolled over.