ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday Pakistan had met the “tough conditions” set by the International Monetary Fund (IMF) with the help of Saudi Arabia, the United Arab Emirates and China, as the global lending agency’s board meets today to discuss the $7 billion loan program for the country.
Pakistan reached a staff-level agreement with the IMF in July for a fresh loan to keep its fragile economy afloat. Finance Minister Muhammad Aurangzeb had earlier expressed hope of sealing the deal by the end of August. However, delays were caused by an external financing gap, which prompted Pakistan to seek commitments from key allies and request debt reprofiling.
Just a day earlier, the finance minister again expressed optimism about securing the loan program after the IMF board meeting, while emphasizing the government’s commitment to structural reforms.
“[Today] is the IMF board meeting, and we have fulfilled all of their conditions, very tough conditions, but praise be to God, we have completed them,” he told the media in New York on the sidelines of the 79th United Nations General Assembly Session. “I want to express my heartfelt gratitude once again, to our trusted brother nations, Saudi Arabia, China and the UAE. Without their immense support, this would not have been possible.”
“At the final stage, the conditions were related to China, and just like in the past, the Chinese government once again held Pakistan’s hand and offered immense support,” he added. “I am deeply grateful to the Chinese leadership.”
Pakistan’s last $3 billion IMF program helped avert a sovereign default in 2023 amid a sharp decline in foreign exchange reserves, currency depreciation and record inflation.
The government has already maintained that the country’s macroeconomic indicators have improved, though it needs the 37-month-long IMF program to solidify those gains.
“You have to grow and build from a stable base,” Pakistan’s finance minister said on Tuesday while addressing a high-level private sector dialogue, ‘CPEC-II and the Region.’ “We have reached that level now. Now, we can say that we have a good foundation on which we can build from here.”
“Now we need to move forward and stay with the reform agenda whether it’s on the taxation or energy side [or] on the state-owned enterprises or privatization side,” he added.

ISLAMABAD: Shan Masood will lead Pakistan in the upcoming Test series against England, the Pakistan Cricket Board (PCB) announced on Tuesday, despite the national side losing five Tests under his captaincy.
The Pakistan cricket selectors announced a 15-player squad on Tuesday for the first Test against England, set to take place in Multan from 7-11 October.
Masood was retained as captain despite some media reports suggesting the 34-year-old had faced an axe after Pakistan’s shocking 2-0 loss to Bangladesh last month.
“Following the squad announcement and based on the recommendation of head coach Jason Gillespie, the selected players have been withdrawn from the Champions One-Day Cup playoffs to allow them some rest ahead of the series,” the PCB said in a statement.
“The squad will assemble in Multan on Monday, 30 September, with the training camp commencing on 1 October.”
Pakistan had never lost to Bangladesh before the twin defeats took Masood’s record to five losses since replacing Babar Azam as skipper in November last year. He lost his first series 3-0 in Australia.
The first of three Tests against England starts in Multan from October 7, the second will be played in the same city from October 15 and the third in Rawalpindi from October 24.
“With a busy domestic and international cricket schedule, it makes sense to give our players some much-needed rest ahead of the Test series against England,” Gillespie was quoted as saying by the PCB.
“We are very much looking forward to the series against England here in Pakistan and cannot wait for it to begin. We are excited about playing in front of our wonderful supporters.”
Pakistan squad:
Shan Masood (captain), Saud Shakeel, Aamer Jamal, Abdullah Shafique, Abrar Ahmed, Babar Azam, Mir Hamza, Muhammad Hurraira, Mohammad Rizwan, Naseem Shah, Noman Ali, Saim Ayub, Salman Ali Agha, Sarfaraz Ahmed, Shaheen Shah Afridi