IMF wants friendly countries to fund Pakistan before deal

ISLAMABAD: The International Monetary Fund (IMF) wants friendly countries to honor their commitments to fund cash-strapped Pakistan before the multilateral lender signs off on a $6.5 billion bailout program, ARY News reported, citing sources.

As per details, Pakistan has become active to get written assurances from Saudi Arabia and the United Arab Emirates (UAE) about external financing to strike a staff-level agreement with the IMF.

Sources having knowledge of the development said PM Office, the foreign ministry and the finance ministry have become active to meet the condition of the IMF for the confirmation of $3 billion in external funding from Saudi Arabia and the UAE.

The IMF is seeking written assurance from the executive directors of Saudi Arabia and UAE about external financing to Pakistan, the sources said. Pakistan has fulfilled all other demands of the IMF for the revival of the stalled loan programme.

Read more: Pakistan approaches Saudi Arabia, UAE to meet IMF conditions

The meeting of IMF’s executive board will be possible after four weeks of staff-level agreement.

Earlier, the International Monetary Fund resident representative Esther Pérez Ruiz said that the IMF bailout package is not linked to elections in Pakistan.

Esther clarified that it had not placed any condition for the revival of the loan programme for Pakistan. “We cannot interfere in the constitutional process of Pakistan through a loan programme.”