IMF mission due in Pakistan next week

ISLAMABAD: The International Monetary Fund (IMF) mission is scheduled to arrive in Pakistan on May 16 to discuss a new loan programme.

According to media reports, some members of the IMF mission have already arrived in Pakistan to engage in discussions regarding the FY25 budget, policies and reforms under a potential new bailout package for the country.

The IMF team plans to stay in Pakistan for over 10 days, during which some of its members will collaborate with officials from the Finance Ministry on the budget for the next fiscal year.

Pakistan last month completed a short-term $3 billion programme, which helped stave off sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer term programme.

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Earlier, Finance Minister Muhammad Aurangzeb in an interview said the country hoped to agree the contours of a new IMF loan in May.

Pakistan’s financial year runs from July to June and its budget for fiscal year 2025, the first by Sharif’s new government, has to be presented before June 30.

Pakistan is expected to seek at least $6 billion and request additional financing from the Fund under the Resilience and Sustainability Trust.