ISLAMABAD – Pakistan is in need of another bailout package by the International Monetary Fund IMF, and now Finance Minister Aurangzeb confirms to discuss an Extended Fund Facility (EFF) with the global lender in Washington next month.
The country’s new finance czar said Pakistan looks to end the economic crisis. The current standby $3 billion arrangement with the global lending agency ends on April 11, and the two sides reached a staff-level agreement regarding the final tranche of $1.1 billion bailout funds.
In a recent meeting, Finance Minister said the exact amount is not yet determined but he commended IMF for being receptive to Islamabad’s request for EFF. He also hailed Washington’s role in the current negotiations.
After his re-election, Prime Minister Shehbaz Sharif directed finance team to begin the process of securing the EFF from the IMF, calling it inevitable. IMF, on the other hand, expressed willingness to support Islamabad in formulating a new economic program if requested.
Amid the massive changes, the Asian nation is planning to issue bonds in international market to help stabilize its economy, with a focus on panda bonds.
IMF announces mission for Second Review of Pakistan’s Stand-By Program
