The International Monetary Fund (IMF) has asked Pakistan to arrange fresh loans worth $8 billion to support external debt repayments over the next seven months for the completion of the long-stalled 9th review bailout package.
A staff-level agreement to release a $1.1 billion tranche out of a $6.5 billion IMF package has been delayed since November 2022 with around 100 days over since the last staff-level mission to Pakistan.
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Despite receiving confirmation from Saudi Arabia and the United Arab Emirates (UAE), the IMF has asked Pakistan to arrange $8.4 billion in fresh loans for debt repayments for May-December 2023 period to avoid default.
The delay in arranging these funds has caused the ninth programme review worth $1.2 billion to remain incomplete.
"No more tough decisions"
Pakistan’s Finance Minister, Ishaq Dar, has stated that the government will not make any more tough decisions on IMF’s demand anymo...