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Hope for IMF bailout decision in a day or two, Pakistan PM says
Pakistan Economic Crisis: Islamabad has been waiting for a deal after taking policy and fiscal tightening decisions required by the IMF.
Pakistan hopes for a bailout decision from the International Monetary Fund (IMF) in a day or two, the country's prime minister said, after a telephone conversation with the chief of the global lender, news agency Reuters reported. Islamabad has been waiting for a deal after taking policy and fiscal tightening decisions required by the IMF. The country awaits the disbursal of $1.1 billion under the lender's ninth review of a $6.5-billion facility agreed in 2019.
"The prime minister hoped that the consensus over the IMF programme's points will lead to a decision in a day or two," the office of Prime Minister Shehbaz Sharif said in a statement.
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Shehbaz Sharif spoke to IMF managing director Kristalina Georgieva about the country's bailout funds which have been stalled since November. The two had also met in Paris this week.
What's happening in Pakistan?
The bailout programme is set to expire on June 30 ahead of which Pakistan has revised its 2024 budget and hiked policy rates to 22% as it hopes to clinch the deal. The IMF funds will bring respite for Pakistan amid its worst economic meltdown.
Cash-strapped Pakistan is currently struggling to avoid a default with financial help from countries such as China, Saudi Arabia, and the United Arab Emirates.
