Prime Minister Shehbaz Sharif directed authorities to accelerate negotiations with the International Monetary Fund (IMF) for a new loan to heal the bleeding economy, as the nation’s $3 billion Standby Agreement (SBA) is set to end in April 2024.
Sharif gave the order to expedite talks for a new loan after he was briefed by Finance Secretary Imdad Ullah Bosal in a meeting with senior government leaders, according to a statement issued by the prime minister’s office.
“We were given a mandate to improve the economy and this is our government’s top priority,” said the newly-elected prime minister in his maiden meeting in which he ordered formulating emergency steps for economic revival, local broadcaster Geo News reported.
Bloomberg reported last month that Pakistan intends to request a new loan of at least $6 billion from the IMF to assist the incoming government in repaying billions in debt due this year.
It also emerged that Pakistan wants to expand the forthcoming IMF bailout package from an initial $6 billion to potentially $8 billion.
To comply with IMF demands, the South Asian nation implemented various measures, including budget revisions, a benchmark interest rate hike, and increases in electricity and natural gas prices.
