Pakistan 'hopeful' to get $7 to $8 bln fresh loan programme from IMF

ISLAMABAD: Pakistan is hoping to get a fresh $7 to $8 billion loan programme from the International Monetary Fund (IMF), ARY News reported, quoting sources. 

As per details available with ARY News according to sources, Pakistan will seek a fresh three-year-loan programme from the IMF next week.

The IMF has hinted at negotiations on climate financing too during the talks with Pakistan which are expected to begin after the IMF’s executive board meeting.

Sources further said, in order to get the fresh IMF loan programme, Pakistan has to present its FY2024-25 budget as per the international lender’s conditions including an increase in gas and electricity tariffs, cost recovery reforms and steps to increase the tax net.

Pakistan has to assure the IMF about external financing to avail of the fresh loan programme.

The sources privy to the development further said that the IMF has rejected the reservations of Pakistan Tehreek-e-Insaf and is committed to holding talks with the government formed for 5 years.

Read more: Pakistan heading for ‘big’ IMF program: Finance Minister

Earlier, Federal Minister for Finance and Revenue Muhammad Aurangzeb stressed the need for a new International Monetary Fund (IMF) programme, hoping for a staff-level agreement (SLA) by the end of next fiscal year.

Addressing the business community at Gong Ceremony at Pakistan Stock Exchange (PSX) Karachi, the finance minister said that the government was going to hold a meeting with the International Monetary Fund (IMF) on April 14 and 15 in Washington.