The International Monetary Fund (IMF) confirmed on Friday that discussions were underway with Pakistan regarding a “longer and larger” bailout program under the Extended Fund Facility (EFF).
In response to queries about a staff-level agreement, IMF Communication Director Julie Kozack, speaking at a press briefing, refrained from providing a direct response, indicating that negotiations are still in progress.
Kozack stated, “Currently, a mission team led by Nathan Porter is meeting with Pakistani authorities this week to discuss the next phase of our engagement.”
She further added, “On April 29th of this year, our Executive Board completed the second review of the stand-by arrangement for Pakistan, allowing a disbursement of about $1.1 billion.”
“The completion by our Board of the second and final review of the stand-by arrangement reflected the authority’s strong policy efforts during the time of the standby, which did help stabilize the economy,” Kozack noted.
In regard to future developments, Kozack mentioned, “There is a mission on the ground; we will wait for them to complete their work, and we will communicate the findings of the mission in due course.”
Pakistan is currently seeking a bailout package ranging from $6 to $8 billion from the IMF, spanning three to four years, in an effort to address its financial challenges.
A technical team of experts from the International Monetary Fund (IMF) has arrived in Pakistan to engage in discussions regarding a new loan program.
