Islamabad: The approval of a $7 billion bailout package for Pakistan by the International Monetary Fund (IMF) has been further delayed.
Sources indicate that Pakistan’s case has not yet been included in the IMF Executive Board’s schedule, and the board will consider requests from Vietnam and three other countries between August 28 and 30.
The delay in approving Pakistan’s new loan program has been attributed to the failure to rollover $12 billion in loans from friendly countries in a timely manner.
According to sources, the IMF has set a condition for external financing assurances before the board meeting. Pakistan holds deposits of $5 billion from Saudi Arabia, $4 billion from China, and $3 billion from the UAE.
The government is working to rollover the $12 billion deposits from these three countries and secure refinancing for commercial loans. Pakistan needs to make a total of $26.4 billion in external payments, including commercial loans, in the current fiscal year.
