KARACHI: The International Monetary Fund (IMF) is getting ready to talk about Pakistan’s budget plans for the next fiscal year. This is part of a long-awaited bailout for the cash-strapped country. Said the head of the IMF’s mission in Pakistan, who spoke to Reuters on Thursday.
One of the last things that need to done before the IMF approves to release $1.1 billion in funding. It held up for months and needed for Pakistan to get out of a severe balance of payments crisis.
The $1.1 billion tranche will released when a staff level agreement is reached for the ninth review, which has on hold since November. The money comes from a $6.5 billion bailout package that the IMF agreed to in 2019. It will end in June, before the budget is due.
“In all IMF programmes, the government issues a letter of intent with the last review that explains their plans for the time after the programme,” said Nathan Porter, who is in charge of the mission to Pakistan.
