June 08, 2023 (MLN): Pakistan can have only one remaining board review under the current bailout package of the International Monetary Fund (IMF) before its budget is unveiled on June 9, itself a step towards a successful review, as Reuters reported.
"To pave the way for a final review under the current EFF, it is essential to restore the proper functioning of the foreign exchange market," the multilateral lender's resident representative for Pakistan, Esther Perez Ruiz, told Reuters.
Other factors included passing a budget for the 2024 fiscal year that met program objectives, and securing firm and credible financing commitments to close a $6-billion gap ahead of the board review, she added.
Lately, Pakistan has lined up $4bn in external funding out of a $6bn target as part of its efforts to revive a long-delayed bailout program with the fund.
The government is continuing its efforts to mobilize the remaining amount, the Ministry of Finance in Islamabad said on Monday, adding that it hopes to secure a deal with the lender before it unveils its budget on June 9, according to Bloomberg.
The nation has seen prolonged discussions and months of delays to revive its $6.7bn bailout program.
