When was the $7bn Extended Fund Facility agreement between Pakistan and the IMF made?

A. June 2024
B. July 2024
C. August 2024
D. September 2024

The $7bn Extended Fund Facility agreement between Pakistan and the International Monetary Fund (IMF) was finalized on July 15, 2024. This agreement is a critical step in Pakistan’s efforts to stabilize its economy amidst external financial challenges. The IMF’s approval is essential as Pakistan faces a $2bn external financing gap for the current fiscal year. Additionally, Islamabad must secure debt rollovers from China, Saudi Arabia, and the UAE.

Deputy Prime Minister Ishaq Dar expressed frustration over delays in the disbursement of IMF funds, hinting at possible geopolitical influences. Dar pointed out that the IMF had previously stalled funding for eight months under a prior 2019 program, before eventually offering a $3bn short-term loan to prevent Pakistan from defaulting. His remarks have fueled speculation that Western powers may be reluctant to allow IMF funds to be used to repay Chinese debt.

The IMF’s postponement of the fund disbursement has raised concerns, adding uncertainty to Pakistan’s already fragile economic situation. There is speculation that, similar to Sri Lanka, Pakistan may be asked to first seek debt relief from China before receiving the funds. With geopolitical and financial tensions intertwined, securing this bailout is a significant challenge for Pakistan’s economic policy team.

In conclusion, Pakistan’s agreement with the IMF in July 2024 was a critical step in avoiding economic collapse, but delays in fund disbursement and geopolitical factors may complicate the process. The government’s ability to manage debt rollovers and address IMF conditions will be crucial in the coming months.

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