IMF team to meet PTI chairman: Hammad Azhar

LAHORE: Former Economic Affairs Minister and Pakistan Tehreek-e-Insaf (PTI) leader Hammad Azhar announced on Friday that a team from the International Monetary Fund (IMF) will meet with former Prime Minister at his Lahore residence.

In a tweet, Azhar wrote: “PTI’s economic team has been approached by the IMF to solicit the party’s support for the USD 3 billion stand-by agreement and its broad objectives”.

“Both PTI’s economic team and the IMF team will join, in person and virtually, to take part in the discussions,” the PTI leader said.

PTI's economic team has been approached by the IMF to solicit the party's support for the USD 3 BN Stand-By Agreement and its broad objectives.
An IMF team will call on Party Chairman Imran Khan at Zaman Park this afternoon. Both PTI's economic team and the IMF team will join, in…

— Hammad Azhar (@Hammad_Azhar) July 7, 2023

IMF representative Esther Perez Ruiz confirmed that the Washington-based lender is seeking the support of all political parties including PTI for the recently arranged $3 billion bailout package.

“IMF staff are in the process of meeting with representatives of the major political parties in Pakistan, including PML-N, PPP, and PTI, to seek assurances of their support for the key objectives and policies under a new IMF-supported program ahead of the approaching national elections,” Ruiz confirmed.

Pakistan secured the badly-needed $3 billion Stand-By Arrangement (SBA) from the IMF on Friday, giving the South Asian economy a much-awaited respite as it teeters on the brink of default.

The SBA is subject to approval by the IMF Executive Board, which is scheduled to meet on July 12. The previous Extended Fund Facility expired on June 30.