KARACHI: Pakistan and the International Monetary Fund (IMF) on Tuesday formally kicked off talks for the first review of a $7 billion bailout program that Islamabad secured last year, the finance ministry confirmed in a statement.
A Pakistani finance ministry official told Arab News on Monday, requesting anonymity, that a nine-member mission led by Nathan Porter had landed in Pakistan to assess the country’s economic performance to determine the release of a $1.1 billion tranche over the following three weeks.
Pakistan’s macroeconomic indicators have gradually improved since it secured the IMF bailout last summer. The country’s consumer price index (CPI) inflation rate, maintaining a downward trend on Monday, hit a more than 9-year low at 1.51 percent year-on-year in February.
Pakistan’s current account recorded a surplus of $682 million from July 2024 till January 2025, compared to a deficit of $1.8 billion during the same period of the previous year, according to the central bank data. The Pakistan Stock Exchange (PSX) also reported record gains last year, with frequent bullish trends dominating the market.
Pakistan’s current account recorded a surplus of $682 million in January, marking the sixth consecutive month since the country reported a current account surplus. The Pakistan Stock Exchange (PSX) also reported record gains last year, with frequent bullish trends dominating the market.
“Pictures of kick-off meeting held today,” the finance ministry wrote as caption of two photos shared with media on WhatsApp. The pictures showed Pakistani officials, led by Finance Minister Muhammad Aurangzeb, involved in discussions with an IMF delegation led by its Pakistan mission chief Nathan Porter.
Pakistan’s finance ministry has so far not shared any details of the talks between the government and the IMF. However, local media has widely covered the delegation’s visit.
Speaking to international news agency Reuters, Aurangzeb said Pakistan is “well-positioned” for the first review.
“They are here. We will have two rounds of talks, first technical and then policy level,” Aurangzeb said. “I think we are well positioned,” he added.
The IMF team usually spends around two weeks reviewing fiscal reforms and policy.
Last week, a separate IMF team visited Pakistan to discuss around $1 billion in climate financing on top of the EFF. That disbursement will take place under the IMF’s Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
Pakistan, IMF kick off talks on $7 billion bailout program review
https://arab.news/c6rvw
Pakistan, IMF kick off talks on $7 billion bailout program review
- IMF delegation led by Nathan Porter arrived in Pakistan on Monday to assess country’s economic performance
- Pakistan secured the $7 billion Extended Fund Facility (EFF) last summer as part of an economic recovery plan
Saudi Arabia opens December ‘Sah’ sukuk sale at 4.68% return
RIYADH: Saudi Arabia has opened subscriptions for its December issuance of the government-backed “Sah” savings sukuk, offering investors an annual return of 4.68 percent, slightly lower than the 4.71 percent provided in the previous month.
In a post on X, the National Debt Management Center announced that the subscription window opened at 10:00 a.m. Saudi time on Dec. 7 and will close at 3:00 p.m. on Dec. 9.
Part of the 2025 issuance calendar managed by the NDMC, the sukuk reflects the Kingdom’s continued efforts to promote financial inclusion and encourage personal savings.
Launched under the Financial Sector Development Program — a key component of the Vision 2030 agenda — Sah aims to raise the national savings rate to 10 percent by 2030, up from about 6 percent currently.
According to NDMC, the minimum subscription amount is SR1,000 ($266.56), while the maximum is capped at SR200,000 per investor. The sukuk carries a one-year maturity and offers fixed returns paid at redemption.
Subscriptions are available exclusively to Saudi nationals aged 18 and above through approved investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest and Al-Rajhi Capital.
Sukuk are Shariah-compliant financial instruments that grant investors partial ownership in an issuer’s underlying assets, serving as a popular alternative to conventional bonds.
Last month, NDMC announced that it raised SR5.83 billion through its riyal-denominated sukuk program.
The November issuance was divided into five tranches, with the first one valued at SR700 million, set to mature in 2027.
The second tranche amounted to SR1.37 billion, maturing in 2029, while the third tranche, worth SR180 million, will expire in 2032.
The fourth tranche, valued at SR197 million, is due in 2036, while the last tranche, due in 2039, was valued at SR3.38 billion.
Saudi Arabia’s debt market has seen robust growth in recent years, drawing strong investor interest in fixed-income instruments amid a global environment of rising interest rates.
In October, Kuwait Financial Center, also known as Markaz, reported that Saudi Arabia dominated the Gulf Cooperation Council’s primary debt market in the third quarter of 2025, raising $20.32 billion through 36 issuances — a 62.7 percent year-on-year increase in value.
