Pakistan has not been included in the International Monetary Fund’s (IMF) calendar list of countries for which its Executive Board is scheduled to consider loan approvals or Article IV consultations until September 4, 2024.

The IMF’s calendar shows upcoming consultations with Vietnam on August 30 and Togo on September 4, but Pakistan’s name is notably absent.

This development follows the staff-level agreement between Pakistan and the IMF, reached on July 12, 2024, for a 37-month Extended Fund Facility (EFF) of $7 billion. The agreement, however, was contingent on Pakistan securing necessary external financing, which remains unconfirmed.

In an effort to meet these requirements, Pakistan has sought over $1 billion in additional loans from the Kingdom of Saudi Arabia and is negotiating the resumption of commercial and syndicate loans from Middle Eastern banks. Pakistani authorities remain optimistic that the IMF’s Executive Board will approve the $7 billion bailout package under the EFF by September 2024, despite the current exclusion from the IMF’s calendar.

The delay in securing the IMF’s approval has added pressure on Pakistan’s financial situation, as the country continues to navigate significant economic challenges. The government’s ongoing efforts to secure external financing are crucial for unlocking the IMF funds, which are vital for stabilizing Pakistan’s economy.