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In his first meeting with the IMF chief since his re-election as premier, Sharif also discussed Pakistan’s demand for another IMF programme as the country still needs the global lender’s crutches to wobble on to get its economy back on track.An IMF team is expected to visit Pakistan in May to initiate talks for a new long-term Extended Fund Facility (EFF) ranging between USD 6 to USD 8 billion with the possibility of augmentation through climate financing.However, the exact size and time frame will only be determined after evolving consensus on the major contours of the next programme in May 2024.If secured, it would be Pakistan’s 24th IMF bailout.Separately, former prime minister Shahid Khaqan Abbasi said all indicators of the economy were negative and the government’s decision to seek another bailout from the IMF was an admission of their “failure”, The Express Tribune newspaper reported.”Economic growth stalls and inflation rises due to such agreements with the IMF,” he said, adding that the IMF “keeps you alive, but your economic condition deteriorates on every parameter.””Your industry cannot thrive if political issues remain unresolved, as everything is interconnected. Do not harbour the illusion that things will improve spontaneously,” he cautioned.Abbasi pointed out that IMF agreements impede growth and exacerbate inflation.The USD 350 billion economy faces a chronic balance of payments crisis, with nearly USD 24 billion to repay in debt and interest over the next fiscal year — three times more than its central bank’s foreign currency reserves.
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IMF approves immediate disbursal of USD 1.1 billion loan tranche to Pakistan
