The International Monetary Fund (IMF) is working with Pakistani authorities to conclude a ninth review of a bailout programme, its mission chief said on Friday of the funding critical for the cash-strapped country to avert an economic collapse.
Pakistan and the IMF have been discussing fiscal policy measures under review since February to resume the stalled funding that was due in November from a $6.5 billion bailout agreed upon in 2019.
The money is crucial for Pakistan, which is facing a balance of payment crisis, to avert defaulting on its external payment obligations. Foreign exchange reserves held by Pakistan’s central bank have shrunk to pay just four weeks of controlled imports.
“The IMF continues to work with the Pakistani authorities to bring the ninth review to a conclusion once the necessary financing is in place and the agreement is finalised,” mission chief Nathan Porter said in a statement.—Agencies