PM seeks revival of stalled IMF package
Pakistan faces about $22 billion of external debt service for fiscal year 2024.
ISLAMABAD: Prime Minister Shehbaz Sharif has contacted International Monetary Fund (IMF) Managing Director Kristalina Georgieva, requesting her to help Pakistan revive the stalled $6.5 billion facility.
The pending ninth review would unlock $1.1 billion in financing for the cash-strapped nation.
Pakistan faces about $22 billion of external debt service for the fiscal year 2024, which begins in July, according to Columbia Threadneedle Investments, which is about five times its reserves.
Consequently, the coalition government is stepping up efforts to secure funding as it teeters on the edge of a sovereign default.
The coalition government has been negotiating with the Washington-based lender to revive its bailout programme since November, with the financing gap among the biggest roadblocks.
There’s about $2.7 billion left to disburse from the $6.5 billion programme that’s scheduled to expire next month.
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