'Pakistan needs additional funding for 9th review meeting'

The International Monetary Fund (IMF) on Friday stated that Pakistan needs additional funding to make 9th review meeting a success, ARY News reported.

The IMF held a press conference, with spokesperson Julie Kozack addressing the media on Pakistan’s current economic situation. Kozack emphasized the urgent need for funding to support Pakistan’s balance of payments, stating that friendly countries need to provide assurances of funding to help the struggling nation.

Kozack also welcomed any funding that friendly countries may offer to Pakistan. She further highlighted that additional funding is essential for the success of the 9th review, stressing the importance of continued support for Pakistan’s economy.

During the conference, the IMF spokesperson acknowledged that Pakistan’s authorities are engaged in continuous efforts to revive the loan program. However, Kozack pointed out that the country is facing serious challenges in foreign currency payments, which is affecting its overall economic stability.

Kozack further added that Pakistan’s economy has suffered significant losses from floods, compounding the country’s existing financial woes. She also expressed concern over the sustainability of Pakistan’s economy, stating that it cannot withstand further cuts in subsidies and taxes.

The press conference concluded with the IMF spokesperson calling for urgent action to address Pakistan’s economic challenges, urging friendly countries to step forward and provide the necessary funding and support to help the country overcome its financial difficulties.