ISLAMABAD – Pakistan and the International Monetary Fund will start talks today to finalise final $1.1 billion tranche of $3 billion bailout.
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The country’s new finance minister-led team will start negotiations with a delegation of global lender, and the IMF will review whether Islamabad met all requisites for the bailout funds. The talks will continue till March 18, but could be extended for another 2-3 days.
The new government in South Asian nation is expecting to get third and final tranche worth $1.1 billion from US based lender, but release of the amount will have to be approved by the IMF top officials.
According to the finance ministry, all the requirements set by the IMF, including structural benchmarks, qualitative performance criteria, and indicative targets, have been met for the successful completion of the review.
New Finance Minister Aurangzeb said his country will seek an Extended Fund Facility from the IMF after the Stand-By Arrangement, and talks on this matter could begin soon.
The country of 240 million remains in crisis in recent times and is dependent on IMF and friendly nations to avoid default on foreign debt payments.
