The International Monetary Fund board approved the seventh and eighth reviews of Pakistan’s bailout programme, allowing for a release of over $1.1 billion to the cash-strapped economy, the fund and the government said on Monday.
The floods were not mentioned in the fund’s statement. Pakistan’s Prime Minister Shehbaz Sharif said on Twitter that the formal resumption of IMF support though was “a major step forward in our efforts to put Pakistan’s economy back on track”. Pakistan must hold elections by the second half of next year, but Khan, who negotiated the latest IMF programme in 2019 and now faces terrorism charges for comments he made about the police, is calling for them to be held immediately.
Tellimer economist Patrick Curran said there was material risk that the IMF’s current account forecast would prove overly optimistic and that Pakistan might not be able to bring in as much external financing from Gulf countries as it would like.
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