Cash Crunch Crisis: Pakistan Makes Formal Request To IMF For Another Bailout
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Pakistan has formally requested a bailout package from the International Monetary Fund (IMF) in the range of USD 6 to USD 8 billion, with the possibility of augmentation through climate financing. The country has also requested the dispatch of an IMF review mission next month to finalize the details of the bailout package, which will be for a duration of three years under the Extended Fund Facility (EFF). The exact size and timeframe of the package will be determined in May 2024. The Pakistani delegation, led by Finance Minister Muhammad Aurangzeb, is currently in Washington for the annual spring meetings of the IMF/World Bank. The IMF has highlighted the need for prioritizing reforms to revitalize the Pakistani economy over the size of the loan package. Pakistan's current USD 3 billion arrangement with the IMF is set to expire in late April, and the government is seeking a longer and larger loan to ensure macroeconomic stability and implement structural reforms.

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https://www.freepressjournal.in/business/cash-crunch-crisis-pakistan-makes-formal-request-to-imf-for-another-bailout