Prime Minister Shehbaz Sharif has said that Pakistan expects a decision on the International Monetary Fund’s (IMF) stalled bailout program within a day or two after holding a phone call with Managing Director Kristalina Georgieva on Tuesday.
Pakistan’s ninth review by the IMF under the 2019 Extended Fund Facility (EFF) for the release of a $1.2bn tranche is still pending with fewer than 10 days remaining the programme’s expiry on June 30.
As part of the EFF’s ninth review, the nation was anticipated to receive about $1.2 billion from the lender in October of last year. But over eight months later, that tranche still hasn’t arrived, according to the IMF, who claims Pakistan can’t fulfil crucial requirements.
A statement by the Prime Minister’s Office (PMO) stated the premier and IMF MD discussed issues related to the IMF programme.
“The IMF MD acknowledged the efforts of the finance minister and his team.
“The prime minister hoped that coordination on the finer points would take the form of an IMF decision in the next couple of days,” read the statement.
Moreover, Shehbaz reiterated the determination to achieve the goals of improving the economic situation through joint efforts.he premier and Georgieva met back-to-back in Paris last week as the program’s deadline drew closer.
The South Asian country is experiencing its greatest economic crisis in history, with record levels of inflation and interest rates, but before its IMF loan expires at the end of the week, chances have improved.
The country decided to increase taxes by $750 million and reduce spending in its yearly budget over the weekend in a spectacular last-ditch effort to win over the lender.
