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ISLAMABAD: As it accelerates efforts to persuade the lender to issue the next loan tranche, the coalition government led by the Pakistan Muslim League-Nawaz (PML-N) has communicated with the International Monetary Fund (IMF)
its intention to secure an additional $3 billion to close the fiscal deficit.
IMF mission leader for Pakistan Nathan Porter stated last week that the Washington-based lender is looking for “necessary” finance assurances as soon as possible to wrap up negotiations with the nation on its stalled bailout.
Pakistan was required by the IMF to secure $6 billion in outside funding. On the basis that the current account deficit would stay around $7 billion for the upcoming fiscal year, the $6 billion funding shortfall was calculated.
The fund applauded “the recent announcement of significant financial support from key bilateral partners to Pakistan,” inferring that Saudi Arabia and the United Arab Emirates will honor their obligations. However, these promises fall short of what Pakistan demands.
Reportedly, Islamabad has informed the lender of its intention to obtain a second budget support loan from Resilient Institutions for Sustainable Economy (RISE-II) for $450 million.
In order to fulfill assurances made at a Geneva moot, the administration informed IMF officials of its plans to obtain $1 billion from the Asian Infrastructure Investment Bank (AIIB) and other commercial banks.
