Federal Finance Minister Muhammad Aurangzeb has stated that the International Monetary Fund (IMF) board is expected to approve Pakistan’s case next month, in September.

The finance minister informed the Senate Standing Committee on Finance and Revenue that the government is fully engaged with the IMF and is moving in the right direction.

“We are expecting the IMF board to approve Pakistan’s case in September,” he informed the committee.

The Staff Level Agreement (SLA) was completed in July, and there are procedures that we have to follow. The finance minister added that the IMF board will approve the case next month, in September.

It is pertinent to note that the staff-level agreement for a new $7 billion bailout program was completed in July this year.

The Washington-based lender has asked Pakistan to meet prior conditions, including the rollover of approximately $12 billion in loans, before the IMF board meeting.