Islamabad, Pakistan, is seeking a new US$6 billion to US$8 billion loan package from the IMF, will hold talks with officials of the Washington-based lender and discuss the terms of a new bailout for the cash-strapped country , according to a media report on Saturday.
An IMF assistance team has reached Pakistan to hold talks regarding the request for a new bailout package under the Extended Fund Facility (EFF).
Pakistan has made a formal request for a new bailout package of US$6 billion under the EFF, which is likely to be augmented through climate finance. If successful, it will be the 24th IMF bailout program for the country.
"Currently, a mission team led by our chief of mission, Nathan Porter, is meeting with officials this week to discuss the next steps in our engagement with Pakistan," Julie Kozak, the International Monetary Fund's communications director, said on Thursday. "
IMF Resident Representative for Pakistan Esther Perez Ruiz said a team led by B. Porter would meet with Pakistani officials "to discuss the next phase of engagement."He further said that the talks were aimed at "laying the foundation for better governance and the development of a stronger, more inclusive and resilient economy that will benefit all Pakistanis", Geo News reported.
The team is expected to stay in the country for more than 10 days and collect data from various departments and also discuss the upcoming budget for fiscal year 2025 with Finance Ministry officials, Jio New quoted sources as saying.
Last Tuesday, Pakistan and the IMF began talks for a new bailout package to address the cash-strapped country's fiscal challenges and implement key reforms, media reports said.
Last month, Pakistan completed a US$3 billion short-term program with the IMF, taking the country out of any default.
According to The Express Tribune newspaper, it was unclear whether the IMF mission would end with a formal staff-leave agreement for the next bailout package.Citing sources, the report said there were open discussions on the duration, instruments and size of the next IMF programme.
Pakistan narrowly avoided default last summer, and the economy has stabilized since the completion of the last IMF program, with inflation falling from a record high of 38 percent last May to about 17 percent in April.
The country still grapples with a high fiscal deficit, and while the external account deficit has been controlled through import control mechanisms, this has come at the expense of stagnant growth, which has almost doubled this year compared to negative growth last year. Expected to be two percent. Year.
An IMF assistance team has reached Pakistan to hold talks regarding the request for a new bailout package under the Extended Fund Facility (EFF).
Pakistan has made a formal request for a new bailout package of US$6 billion under the EFF, which is likely to be augmented through climate finance. If successful, it will be the 24th IMF bailout program for the country.
"Currently, a mission team led by our chief of mission, Nathan Porter, is meeting with officials this week to discuss the next steps in our engagement with Pakistan," Julie Kozak, the International Monetary Fund's communications director, said on Thursday. "
IMF Resident Representative for Pakistan Esther Perez Ruiz said a team led by B. Porter would meet with Pakistani officials "to discuss the next phase of engagement."He further said that the talks were aimed at "laying the foundation for better governance and the development of a stronger, more inclusive and resilient economy that will benefit all Pakistanis", Geo News reported.
The team is expected to stay in the country for more than 10 days and collect data from various departments and also discuss the upcoming budget for fiscal year 2025 with Finance Ministry officials, Jio New quoted sources as saying.
Last Tuesday, Pakistan and the IMF began talks for a new bailout package to address the cash-strapped country's fiscal challenges and implement key reforms, media reports said.
Last month, Pakistan completed a US$3 billion short-term program with the IMF, taking the country out of any default.
According to The Express Tribune newspaper, it was unclear whether the IMF mission would end with a formal staff-leave agreement for the next bailout package.Citing sources, the report said there were open discussions on the duration, instruments and size of the next IMF programme.
Pakistan narrowly avoided default last summer, and the economy has stabilized since the completion of the last IMF program, with inflation falling from a record high of 38 percent last May to about 17 percent in April.
The country still grapples with a high fiscal deficit, and while the external account deficit has been controlled through import control mechanisms, this has come at the expense of stagnant growth, which has almost doubled this year compared to negative growth last year. Expected to be two percent. Year.
