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Pakistan, IMF mention progress in bailout talks

Pakistan, IMF mention progress in bailout talks

The International Monetary Fund (IMF) and Pakistan said on Wednesday that progress has been made in negotiations on Pakistan’s bailout programme. Pakistan is expecting the IMF to increase the size and duration of the 39-month facility to USD 6 billion

The economy of Pakistan is on the verge of economic crisis. The country’s foreign exchange reserves are drying up fast. The Pakistani rupee is at a record low against the US dollar.

Esther Perez Ruiz, the IMF’s resident representative in Islamabad, told Reuters: “Discussions are continuing between IMF staff and officials on policies to strengthen macroeconomic stability in the coming year, and significant progress has been made in the FY23 budget.” “

This month, Pakistan unveiled a budget of 9.5 trillion Pakistani rupees (USD 47 billion) for the year 2022-23. The budget was aimed at tighter fiscal consolidation to persuade the IMF to resume much-needed bailout payments.

However, the lender later said that additional measures were needed to bring Pakistan’s budget in line with the key objectives of the IMF programme.

Read also | Pakistan’s planning minister says corruption doesn’t hinder economic growth

Finance Minister Mifta Ismail said the two sides held talks on Tuesday night and agreed on budget and fiscal measures, but still needed to agree on a set of monetary targets.

He did not expect any “hiccups” in the remaining talks and expected an initial memorandum on macroeconomic and financial goals and then an official agreement.

“I am also hoping that the duration of the program will be extended by one year and the loan amount will be increased,” he told Reuters, adding that

The IMF is not committed to it, but based on talks, he said he expects the bailout to come.

(with inputs from agencies)

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Pakistan, IMF mention progress in bailout talks

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