IMF not asking Pakistan to raise $8bn

May 14, 2023 (MLN): The International Monetary Fund (IMF) on Sunday rebutted the news flows that the fund is asking cash-strapped Pakistan to raise $8 billion to unlock the deal. 

"There is no truth to reports that the IMF is asking Pakistan to raise $8 billion in fresh financing," IMF’s Resident Representative for Pakistan Esther Perez Ruiz clarified. 

The amount of financing necessary to ensure Pakistan stays current on external payments has remained unchanged throughout discussions under the ninth review, she added. 

The IMF will continue to support Pakistan in the best possible way to secure sufficient financing from partners. 

The amount of financing necessary to support the authorities’ implementation efforts. 

It is pertinent to note that the deal has remained stalled at the ninth review since November last year. The bailout program started in 2019 and is due to end in June.

The government has already implemented the majority of the conditions including taxes, tariffs, and market-based exchange rate but is unable to unlock the deal. 

As June is approaching, the concerns are increasing pertaining to the deal which left the investor and market participants uninterested in the Pakistani market. 

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