Pakistan wants another $8 billion bailout package from IMF, Finance Minister

Washington: Federal Finance Minister Muhammad Aurangzeb has emphasized on improving the distribution of revenues between the provinces and the center while expecting a big bailout program of 8 billion dollars from the International Monetary Fund (IMF).

Speaking to a group of journalists and think tanks in Washington, the finance minister said if the loan is approved, Islamabad will review its NFC award that allocates revenue between the federal and provincial governments.

He said that some of the sectors that need to be brought into the tax net on a large scale are the provincial markets. Also, the finance minister said that Pakistan is requesting a “larger and longer” multi-billion-dollar loan program from the IMF and discussions are underway with the fund’s officials.

Finance Minister Aurangzeb is in the US capital with his team to attend IMF and World Bank meetings and request a new financial package. He added that once the mission returns to Islamabad, we will agree on priorities and principles.

He said Pakistan signed a short-term agreement with the IMF in 2023, after the $3 billion package expires, Pakistan is seeking a new bailout package of up to $8 billion.