Pakistan PM discusses new loan programme with IMF chief

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Two accused teenagers to remain in custody for at least two more weeks | SaltWire #newsupdate #newsISLAMABAD -Pakistan Prime Minister Shehbaz Sharif discussed a new loan programme with IMF Managing Director Kristalina Georgieva on Sunday, his office said in a statement.Islamabad is seeking a new, larger long-term Extended Fund Facility agreement with the fund after a current $3 billion standby arrangement expires this month.

The IMF executive board will meet on Monday to discuss the approval of $1.1 billion of funding for Pakistan, which is the second and last tranche of the standby arrangement.Pakistan's Finance Minister, Muhammad Aurangzeb, has said Islamabad could secure a staff-level agreement on the new program by early July.

Islamabad says it is seeking a loan over at least three years to help achieve macroeconomic stability and execute long-overdue and painful structural reforms, though Aurangzeb has declined to detail what seize of programme the country seeks. Islamabad is yet to make a formal request, but the Fund and the government are already in discussions.The $350 billion economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year - three-time more than its central bank's foreign currency reserves.

Pakistan's finance ministry expects the economy to grow by 2.6% in the fiscal year ending in June, while average inflation for the year is projected to stand at 24%, down from 29.2% the previous fiscal year.

 

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