The International Monetary Fund has demanded Pakistan ‘do more’ before agreeing on the staff-level agreement for resumption of a billion-dollar loan program.
Pakistan has to satisfy the IMF regarding repayment arrangements for loans worth $8 billion by December 2023. During May and June 2023, Pakistan has to repay external debt of $3.7 billion. The IMF sought an assurance for an additional $2.4 billion, sources in the Finance Ministry said. Pakistan has to ensure roll-over from China to repay another $2.4 billion in loans, the sources said added. They also said Pakistan had earlier assured funding of $3 billion from China.
The sources further said funding of $2 billion has also been assured from Saudi Arabia, and $1 billion from the UAE. The IMF also expressed dissatisfaction over the collection of petroleum development levy falling short of target. In nine months, petroleum development levy of Rs362.48 billion was collected, the Finance Ministry said.
