Pakistan hopes to get new IMF loan by early July: Finance Minister

Pakistan's current $3 billion arrangement with the IMF runs out in late-April

File picture of Pakistan Finance Minister Muhammad Aurangzeb | Photo Credit: Reuters

Pakistan is hoping to reach a staff-level agreement with the International Monetary Fund by June or early July, its Finance Minister said on Tuesday.

The country's current $3 billion arrangement with the fund runs out in late-April, which it secured last summer to avert a sovereign default.

Islamabad is seeking a long-term bigger loan to help bring permanence to macroeconomic stability as well as an umbrella under which the country can execute structural reforms.

"We are still hoping that we get a staff-level agreement by June or early July," Finance Minister Muhammad Aurangzeb told a conference in Islamabad.

He returned from Washington last week after leading a team to attend the IMF and World Bank's spring meetings. "We had very good discussions in Washington," he said.

He said he did not know at this stage the volume and tenure of the longer programme.