ISLAMABAD: Ahead of the IMF mission's visit to Pakistan, an advance team from the global lender has reached the cash-strapped country for talks regarding its request for a longer and bigger bailout package, according to a media report on Friday.
Geo News quoted sources as saying that an assistance team from the International Monetary Fund will discuss with the country's financial team the first tranche of the next long-term loan under the Extend Fund Facility (EFF).
The report said the IMF review mission is scheduled to reach Islamabad on May 16.
According to Geo News report, the IMF team will receive data from various departments and will also discuss the upcoming Budget 2025 with Finance Ministry officials.
It is being told that the team will stay in Pakistan for more than 10 days.The News International reported last month that Pakistan was seeking a new bailout package of US$6 to 8 billion over three years under the EFF, with the possibility of an increase through climate financing.
Meanwhile, Pakistan has decided to take a rollover of about US$12 billion from key allies like China in fiscal year 2024-25 to meet the huge gap of US$2 billion in its external financing as the federal government targets to meet the budget. The goal is to be achieved. ahead of the expected arrival of the IMF team in the country.
According to Finance Ministry insiders, US$5 billion will come from Saudi Arabia, US$3 billion from the UAE and US$4 billion from China, with further new funding anticipated from China in the next financial year. Will go. Budget, The Express Tribune newspaper reported.Pakistan will receive over USD 1 billion from the IMF under the fresh LoA programme, while fresh financing from the World Bank and Asian Development Bank has also been included in the estimated budget.
According to sources in the Finance Ministry, agreements for new loan programs will be made with financial institutions. The federal government aims to achieve the budget target before the expected arrival of the IMF review mission in Pakistan.
Negotiations for a new loan program with the global lender are expected to begin in mid-May ahead of the budget to be presented in June.
Geo News quoted sources as saying that an assistance team from the International Monetary Fund will discuss with the country's financial team the first tranche of the next long-term loan under the Extend Fund Facility (EFF).
The report said the IMF review mission is scheduled to reach Islamabad on May 16.
According to Geo News report, the IMF team will receive data from various departments and will also discuss the upcoming Budget 2025 with Finance Ministry officials.
It is being told that the team will stay in Pakistan for more than 10 days.The News International reported last month that Pakistan was seeking a new bailout package of US$6 to 8 billion over three years under the EFF, with the possibility of an increase through climate financing.
Meanwhile, Pakistan has decided to take a rollover of about US$12 billion from key allies like China in fiscal year 2024-25 to meet the huge gap of US$2 billion in its external financing as the federal government targets to meet the budget. The goal is to be achieved. ahead of the expected arrival of the IMF team in the country.
According to Finance Ministry insiders, US$5 billion will come from Saudi Arabia, US$3 billion from the UAE and US$4 billion from China, with further new funding anticipated from China in the next financial year. Will go. Budget, The Express Tribune newspaper reported.Pakistan will receive over USD 1 billion from the IMF under the fresh LoA programme, while fresh financing from the World Bank and Asian Development Bank has also been included in the estimated budget.
According to sources in the Finance Ministry, agreements for new loan programs will be made with financial institutions. The federal government aims to achieve the budget target before the expected arrival of the IMF review mission in Pakistan.
Negotiations for a new loan program with the global lender are expected to begin in mid-May ahead of the budget to be presented in June.
