IMF Team in Pakistan to Review Loan Program as New Funds Sought
(Bloomberg) -- International Monetary Fund officials will hold talks with Pakistan this week on its loan program, as the new government under Prime Minister Shehbaz Sharif already prepares to seek more funding from the Washington-based lender.
Most Read from Bloomberg
Putin Says Ukraine Deal Requires Security Pledges for Russia
Tesla Gets Tagged With Once-Unthinkable Call: Sales Will Fall
Ex-Wall Street Banker Takes On AOC in New York Democratic Primary
A team from the IMF will meet with Pakistani authorities March 14-18 to decide whether to approve the final payment under a $3 billion bailout package, the finance ministry said in a statement Wednesday.
If approved, a final tranche of $1.1 billion can be made to Pakistan. The country has already secured about $1.9 billion from the IMF under the nine-month loan program.
Pakistan had met all its targets for “successful completion of the IMF review,” the ministry said in its statement.
With the current loan package coming to an end, Sharif ordered talks on a new loan program with the IMF be fasttracked in order to bolster the economy and avoid a debt default. Newly installed Finance Minister Muhammad Aurangzeb, a former JPMorgan Chase & Co. banker, said the government will seek a “longer and larger” facility from the Washington-based lender, local media reported Wednesday.
Read More: Pakistan Finmin Sees Larger IMF Loan, Hints at Rate Cut: Dawn
Sharif was elected prime minister after a disputed election last month. His party’s election manifesto included cutting the fiscal deficit and fixing the current account balance, in line with the IMF’s recommendations.
Most Read from Bloomberg Businessweek
Gold-Medalist Coders Build an AI That Can Do Their Job for Them
Academics Question ESG Studies That Helped Fuel Investing Boom
Luxury Postnatal Retreats Draw Affluent Parents Around the US
Primaries Show Candidates Can Win on TikTok But Lose at the Polls
©2024 Bloomberg L.P.
