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IMF working with Pakistan on $1.1bn bailout review

Logo, Person, Man Reuters/Johannes Christo
The extended IMF loan comes amid significant macroeconomic challenges faced by Egypt

The International Monetary Fund (IMF) is working with Pakistani authorities to conclude a ninth review of a bailout programme that will release $1.1 billion to the cash-strapped country, the lender’s mission chief said.

“The IMF continues to work with the Pakistani authorities to bring the ninth review to conclusion once the necessary financing is in place and the agreement is finalised,” mission chief Nathan Porter said in a statement.

“IMF supports the authorities in the implementation of policies in the period ahead, including in the technical work to prepare the financial year 2024 budget, which is to be passed by the national assembly before end-June.”

Pakistan and the IMF have been trying to finish the review since February to resume stalled funding from a $6.5 billion bailout agreed in 2019.

As part of the conditions, Pakistan has given an assurance that its balance of payments gap this fiscal year, which ends in June, would be funded from bilateral and multilateral financing.

Pakistan has announced pledges worth $3 billion in financing support by Saudi Arabia and the UAE but that has yet to come through.