Talks with IMF likely to begin this week, finance minister confirms

Newly appointed Finance Minister Mohammad Aurangzeb has confirmed that talks between Pakistan and the International Monetary Fund (IMF) under the $3 billion Stand-By Arrangement (SBA) are set to begin this week.

The government is expected to send a formal request for IMF assistance to bolster the country's economy. The discussions may also extend to exploring a new medium-term bailout package, seeking an Extended Fund Facility (EFF) of $6 billion, with potential additional funds for climate financing.

The Finance Minister stressed the need for action in addressing economic challenges during the fiscal year 2024.