The International Monetary Fund is seeking “necessary” financing assurances at the earliest to conclude talks with Pakistan on its stalled $6.5 billion bailout.
(Bloomberg) — The International Monetary Fund is seeking “necessary” financing assurances at the earliest to conclude talks with Pakistan on its stalled $6.5 billion bailout.
In the meetings between Pakistan and IMF, there was agreement on the need to maintain strong policies and secure sufficient financing to support the country’s implementation efforts, Nathan Porter, the Fund’s mission chief for Pakistan, said in a statement.
“The IMF is supporting these efforts and looks forward to obtaining the necessary financing assurances as soon as possible,” Porter said.
The latest development came a day after the South Asian country said the IMF received assurances of $1 billion funding support from the United Arab Emirates. Earlier, Saudi Arabia also gave its commitment to provide $2 billion deposits to Pakistan, which is facing its worst economic crisis ever.
The IMF welcomed the announcements from Pakistan’s key bilateral partners but didn’t give further details on assurances it is seeking.
Pakistan’s finance ministry spokesman wasn’t immediately available to comment.
“Even today hard efforts are being made to restart the IMF program, to complete it,” Prime Minister Shehbaz Sharif said at an event Saturday. “It’s a tough time. We have to fulfill the IMF conditions. There’s no other option.”
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