Latest news with #ResilienceandSustainabilityTrust
Express Tribune
28-03-2025
- Business
- Express Tribune
Pakistan secures $1.3b in climate financing from IMF
Listen to article International Monetary Fund (IMF) Director of Communications Julie Kozack said on Friday that Pakistan will receive $1.3 billion in climate financing. Speaking at a press conference, Kozack highlighted that discussions with Pakistan covered both the Extended Fund Facility (EFF) and climate financing, Express News reported. Kozack further mentioned that Pakistan's 37-month EFF program, approved in September of the previous year, remains in place. Earlier on Wednesday, Prime Minister Shehbaz Sharif confirmed the new $1.3 billion deal with the IMF during a Cabinet meeting in Islamabad. Subject to approval by the IMF board, Pakistan will receive $1.3 billion under a new climate resilience loan program, which will span 28 months. Additionally, a staff-level agreement will release $1 billion for Pakistan under the $7 billion bailout program that was agreed upon last year. Nathan Porter, IMF mission chief to Pakistan, stated in a press release that the staff-level agreement covers both the first review of the 37-month Extended Fund Facility (EFF) and the new 28-month arrangement under the IMF's Resilience and Sustainability Trust. The total access to funds under the new arrangement amounts to around $1.3 billion over the next 28 months. Porter also noted that Pakistan has made significant progress in restoring macroeconomic stability and rebuilding confidence despite challenging global conditions over the past 18 months. Once approved by the IMF board, Pakistan will have access to about $1 billion under the EFF, bringing the total disbursements under the program to approximately $2 billion.
Express Tribune
03-03-2025
- Business
- Express Tribune
IMF mission arrives in Pakistan for economic review
Listen to article The IMF review mission has arrived in Pakistan to conduct an economic review regarding the payment of the next installment of $1 billion from the $7 billion bailout package. According to sources in the Ministry of Finance, economic review negotiations with the International Monetary Fund (IMF) will continue until March 15. In this regard, the first phase will involve technical discussions, while the second phase will focus on policy-level negotiations. Led by Nathan Porter, the 9-member IMF delegation will stay in Pakistan for almost two weeks and will also provide proposals for the upcoming budget for fiscal year 2025-2026, Express News reported. Sources have indicated that relief for salaried individuals will only be possible if the IMF gives its approval. The review mission will hold discussions with the Ministry of Finance, Ministry of Energy, Planning, and the State Bank. According to sources, the IMF delegation will also hold talks with other institutions and ministries, including the FBR, OGRA, NEPRA, and others. Earlier, adviser to the Pakistan finance minister said that the IMF will also discuss around $1 billion in climate financing for Pakistan. Advisor to Finance Minister Khurram Schehzad told Reuters that the mission would visit from February 24 to 28 for a 'review and discussion' of climate resilience funding. The disbursement will take place under the Fund's Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy. Pakistan made a formal request in October last year for around $1 billion in funding from the IMF under the trust, to address the nation's vulnerability to climate change. The country's economy is on a long path to recovery after being stabilised under a $7 billion IMF Extended Fund Facility it secured late last year.
Egypt Independent
01-03-2025
- Business
- Egypt Independent
Egypt expects $1.2 billion IMF loan payment next week
The Executive Board of the International Monetary Fund (IMF) included Egypt on the agenda of its meeting scheduled for March 10th, to disburse the fourth tranche of $1.2 billion from the loan granted to Egypt. The IMF's Executive Board of Directors is scheduled to approve Egypt's file during its meeting in Washington, D.C., which includes the fourth review that was recently approved at the expert level, in preparation for the disbursement of this tranche, with expectations that it will be transferred to the Central Bank of Egypt during the same month. Informed sources speaking to Al-Masry Al-Youm newspaper expected that the Resilience and Sustainability Trust funding, amounting to $1.3 billion, will be disbursed in tranches. The board is expected to discuss the results of both the Article IV consultations, which Egypt has completed, and the fourth review of the Extended Credit Facility, which will result in the disbursement of the fourth tranche of $1.2 billion. Minister of Finance, Ahmed Kojok, said in previous statements that the IMF will review the entire Egyptian file regarding the fourth review and others, and that there are expected to be positive news from the Fund towards Egypt soon. In the same context, sources expected that the fourth tranche of the Fund's loan, amounting to $1.2 billion, will be disbursed, in addition to the approval of the $1.3 billion funding and its tranches and disbursement schedules from the new Resilience and Sustainability Trust, with the meeting of the Fund's Executive Board of Directors scheduled for March 10th. The Article IV consultations are an essential part of the IMF's work, as the Fund conducts a periodic review of the economic situation in each of its 191 member countries.
Arab News
27-02-2025
- Business
- Arab News
IMF team to visit Pakistan next week for $7 bln bailout review
ISLAMABAD: A mission from the International Monetary Fund (IMF) will arrive in Pakistan next week, finance minister Muhammad Aurangzeb said on Wednesday, with a first review of a $7 billion bailout program due in March. Islamabad secured the $7 billion Extended Fund Facility (EFF) last summer as part of an economic recovery plan. Pakistan's economy had stabilized and now needs to focus on an export led growth, the finance minister said. The IMF team usually spends around two weeks to review fiscal reforms and policy. A separate IMF team is visiting Pakistan to discuss around $1 billion in climate financing on top of the EFF. That disbursement will take place under the IMF's Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
Reuters
26-02-2025
- Business
- Reuters
IMF team to visit Pakistan next week with $7 bln bailout review due
ISLAMABAD, Feb 26 (Reuters) - A mission from the International Monetary Fund (IMF) will arrive in Pakistan next week, finance minister Muhammad Aurangzeb said on Wednesday, with a first review of a $7 billion bailout programme due in March. Islamabad secured the $7 billion Extended Fund Facility (EFF) last summer as part of an economic recovery plan. Pakistan's economy had stabilized and now needs to focus on an export led growth, the finance minister said. The IMF team usually spends around two weeks to review fiscal reforms and policy. A separate IMF team is visiting Pakistan to discuss around $1 billion in climate financing on top of the EFF. That disbursement will take place under the IMF's Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
