The International Monetary Fund (IMF) Executive Board meeting on Pakistan has been scheduled for July 12, the lender confirmed on Wednesday.
Pakistan secured a badly needed $3 billion stand-by arrangement (SBA) from the International Monetary Fund on Friday, giving the South Asian economy a much-awaited respite as it teeters on the brink of default.
The staff level agreement on the SBA is subject to approval by the IMF Executive board.
The previous Extended Fund Facility expired on June 30, with the 9th, 10th, and 11th reviews pending.
Meanwhile, Pakistan’s total debt and liabilities skyrocketed to Rs59 trillion as due to the imprudent fiscal policies and devastating impact of currency devaluation.
According to the State Bank of Pakistan (SBP), the central government’s total debt (domestic and external) surged by 23 percent during the first 11 months of this fiscal year (FY23).
Overall, the federal government’s total debt stock increased to an all-time high level of Rs 58.962 trillion by the end of May 2023 compared to Rs 47.832 trillion as of June 2022, depicting an increase of Rs 11.13 trillion.
