Pakistan Rupee Exchange Rate
In light of the coalition government’s decision to discontinue the $6.5 billion International Monetary Fund (IMF) program without concluding all pending assessments, Pakistan has opted to initiate negotiations for a new program with the IMF immediately after the budget.
Since November, the coalition government has been engaged in discussions with the IMF in order to revive its bailout plan. However, one of the major challenges has been the financial shortfall.
With approximately $2.5 billion remaining from the $6.5 billion plan, which is set to expire on June 30, the negotiations for the ninth review are nearing completion, but a staff-level agreement has not yet been reached. It is expected that the tenth and eleventh reviews will remain open even after the conclusion of the ninth review.
Pakistan’s Finance Minister, Ishaq Dar, announced on Sunday that the country will provide the IMF with the necessary information regarding its budget.
He further expressed his desire to complete the ninth review before the budget presentation, which is scheduled for early June, as all requirements for the IMF’s ninth review have already been fulfilled.
