Federal Finance Minister Senator Muhammad Aurangzeb says that Pakistan has completed a staff-level agreement with the International Monetary Fund (IMF), and its approval from the Executive Board is expected soon, after which the next installment will be released.

According to the Ministry of Finance, during a meeting with representatives of S&P Global Ratings, the Finance Minister discussed Pakistan’s economic recovery and return to global financial markets.

He said that Pakistan has completed a staff-level agreement with the IMF, its approval from the Executive Board is expected soon, after which the next tranche will be released. He said that Pakistan has successfully repaid a Eurobond of $1.4 billion this month.

The Finance Minister also mentioned Saudi Arabia’s additional financial assistance of $3 billion and extension of the deposit period of $5 billion until 2028. The additional financial assistance and extension of the deposit period will further strengthen the external fiscal position.

The Finance Minister also highlighted Pakistan’s medium-term fiscal strategy in the meeting and said that Pakistan’s improving economic indicators and the pace of reforms provide a strong foundation for improving the country’s rating.