Pakistan targets $13.6 billion in forex reserves for IMF loan

WEB DESK: Pakistan has provided assurances to the International Monetary Fund (IMF) regarding the new loan programme.

As outlined in the Memorandum of Economic and Financial Table, the commitment includes a plan to boost Pakistan’s foreign reserves to $13.6 billion in FY2024–25, paving the way for participation in the international lender’s fresh loan initiative.

In the upcoming fiscal year, Pakistan aims to negotiate a rollover of a $6.34 billion loan, accompanied by a targeted increase in foreign investment of $1.31 billion, as indicated by the Memorandum of Economic and Financial Policies.

Sources within the finance ministry, reported by ARY News, suggest that the Special Investment Facilitation Council (SIFC) will play a pivotal role in attracting foreign investment throughout the current fiscal year.

Recent developments indicate that Pakistan is set to secure another loan package from the IMF following the completion of the ongoing standby agreement.

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Sources reveal that the caretaker government has initiated consultations for the forthcoming IMF programme.

It is anticipated that talks between the government and the IMF will commence in the current month, with finance ministry officials affirming the continuation of measures initiated by the caretaker government.