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Pakistani-Americans gathered for a protest outside the International Monetary Fund (IMF) and World Bank headquarters in Washington, urging the financial institutions not to grant loans to Pakistan. The protesters were seen enjoying Iftaar outside the buildings of the IMF and World Bank, with posters featuring images of Pakistan Army Generals.
The IMF mission, slated to commence its economic review of the USD 3 billion Stand-By Arrangement (SBA) in Pakistan, was scheduled to arrive on Wednesday, as reported by news agency ANI. The review discussions are set to take place from March 14 to 18. Muhammad Aurangzeb, the newly-elected Finance Minister of Pakistan, has agreed to engage in talks with the IMF to secure the agreement and negotiate a new loan program.
It has been revealed that Pakistan has already met the targets set by the IMF for the second review of the SBA. Concurrently, Pakistan seeks to negotiate a new deal under the 36-month Extended Fund Facility (EFF), with reports indicating a request for a fresh loan program ranging between USD 6 to 8 billion.
According to ANI, the Finance Ministry of Pakistan has signaled its intent to collaborate with the IMF in defining economic objectives for the new loan program.
Earlier in March, the IMF expressed readiness to dispatch a mission to Islamabad for the second economic review following the formation of Prime Minister Shehbaz Sharif’s cabinet. The IMF Director of Communications emphasized that completing the ongoing Stand-By Program, scheduled to conclude in April 2024, remains a priority, as reported by ARY News. Moreover, a mission for the second review of the Stand-By Program will be promptly sent after the formation of Pakistan’s new cabinet.
