Pakistan has missed out on three of its five major fiscal conditions set by the International Monetary Fund (IMF) for the second review of its USD 7 billion bailout package, The Express Tribune reported.
"We are thankful for the additional 11 conditions imposed by the IMF on Pakistan. However, we are not against any financial assistance provided for genuine developmental agendas. We have raised questions regarding the timing of the recent bailout package given to Pakistan by the IMF," source
The International Monetary Fund (IMF) is considering a return to a quarterly review process for Pakistan's USD 7 billion bailout package, following some initial setbacks. However, Pakistani officials have stated that no final decision has been made yet.
The leader of the Peoples Party Workers Shaukat Javed Mir, has strongly criticised the recent reduction in electricity prices and the government's bailout package, asserting that neither has provided any real benefit to the common people.
Union Defence Minister Rajnath Singh on Sunday said that Pakistan has asked the International Monetary Fund (IMF) for a seven billion dollar bailout package, and Prime Minister Narendra Modi has given more than this in the PF package for J&K.
An International Monetary Fund (IMF) team arrived in Pakistan on Friday, to hold talks as they requested a longer and larger size of bailout package under the Extended Fund Facility (EFF), reported Geo News.
The government's decision to devalue the currency by over 50 per cent within a year and eliminate subsidies as part of the latest instalment of the International Monetary Fund bailout package has exacerbated the nation's cost-of-living crisis.
This latest funding marks the third and final installment of a USD 3 billion standby arrangement with the IMF, crucial for Pakistan to stave off a sovereign default, particularly as the existing arrangement is set to expire this month.
As the country continues to battle a crippling economy, Pakistan Prime Minister Shehbaz Sharif discussed the new bailout package with the International Monetary Fund (IMF) chief Georgieva on the sidelines of the World Economic Forum Special Meeting in Riyadh, Geo News reported.
Pakistan has decided to formally approach the global lender, the International Monetary Fund (IMF) for the medium-term Extended Fund Facility (EFF) during the upcoming annual spring meetings of the Bretton Wood Institutions (BWIs).
The International Monetary Fund confirmed that Pakistan was seeking a 24th medium-term bailout package for a permanent push towards longstanding structural reforms, reported Dawn.