IMF seeking external financing assurances from friendly nations before releasing funds for Pakistan


ISLAMABAD – International Monetary Fund (IMF) has started seeking external financing commitments fulfilled from friendly nations before it releases the second tranche of bailout funds for crisis-hit Pakistan.

As the talks are underway, the global lender has reached out to Pakistan’s partners to make sure that the external funding strategy will materialize.

Pakistani officials are optimistic about receiving funds from friendly nations and lending partners including the World Bank and Asian Development Bank.

The South Asian nation needs around $28 billion in external financing in the next 12-15 months to avert evasion.

Policy talks between the Pakistani government and the IMF visiting delegation are underway, as both sides are involved in technical-level discussions that will continue until November 15.

The interim setup will be looking for a second tranche of a stand-by agreement worth $710 million.

During the ongoing negotiations, the US-based lender told Pakistani officials to ensure revenue collection targets for the FY23-24.

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