The Islamabad government has stated that it is moving along well with the International Monetary Fund (IMF) and anticipates receiving board approval for a fresh $7 billion loan program in September.
“We are making good progress with the IMF for Board approval in September,” Reuters received a text message from Finance Minister Muhammad Aurangzeb on Wednesday.
The federal minister’s comments coincide with the nation’s inability to sign a Letter of Intent (LoI) formally requesting that the executive board of the Washington-based lender consider approving $7 billion under the Extended Fund Facility (EFF) program.
The News reported a day earlier that the nation has not yet received confirmation of a $3–$5 billion shortfall in external financing.
