Investment projects under mutual agreements with Saudi Arabia are being negotiated while more talks are ongoing with commercial institutions regarding further lending options, according to Finance Minister Muhammad Aurangzeb.
The International Monetary Fund (IMF) Executive Board will approve the new $7 billion bailout for Pakistan this month, according to Finance Minister Muhammad Aurangzeb.
Talking to media persons recently, Aurangzeb said discussions with the IMF are nearing their closing stages. He acknowledged that a specific approval date from the IMF Executive Board has not been determined but was confident that the $7 billion loan program should be approved within the month.
Talks with IMF for external financing are in advanced stages as well, he added.
It bears mentioning that the IMF has not yet included Pakistan on the agenda of its executive board meetings scheduled till September 13.
The Pakistani authorities and the IMF team reached a staff-level agreement on a 37-month EFF in the amount equivalent to SDR 5,320 million (or about USD 7 billion) on July 12.
Investment projects are understood, but again loans, how and when it will be vanished from the lives of common man, because the ultimate burden of these loans are on the heads of Pakistani people, Aurangzeb and Governor State Banks – they are getting millions of rupees in monthly salaries, they would not bear the brunt of this havoc.