IMF links bailout package to $12b debt rollover

ISLAMABAD:

The International Monetary Fund (IMF) has demanded of the Pakistan government to get $12 billion loan rolled over by next week to secure the bailout package. Besides, the fund has also asked the country to meet the revenue shortfall in the month of September.

According to finance ministry sources, the ministry held a virtual dialogue with the IMF but it could not seek an external financing approval deadline from the IMF Executive Board. The sources disclosed the matter of revenue shortfall also came under discussion during the meeting. In addition, the finance ministry officials also briefed the fund about Pakistan's efforts for getting the debt rolled over from friendly countries. The IMF has asked Pakistan to get the task done by next week. The fund has also demanded that the revenue shortfall be addressed in September.

The fund further stated that if the revenue shortfall was not plugged then the fund will seek a plan from FBR on how it proposes to achieve the revenue target.