Mohsin Siddiqui (Chief Reporter)

Pakistan has officially requested an IMF bailout package ranging from $6 to $8 billion under the Extended Fund Facility (EFF), with the possibility of additional funding through climate financing. The exact size and terms of the bailout will be determined after consensus is reached on the program’s major contours in May 2024.

Finance Minister Aurangzeb met with IMF Managing Director Kristalina Georgieva during the IMF and World Bank Spring Meetings, indicating Pakistan’s intention to secure the IMF loan. Once agreed upon, Pakistan plans to seek further financing from the IMF’s Resilience and Sustainability Trust.

Aurangzeb also discussed Pakistan’s debt situation, highlighting the rollover of bilateral debts, including those with China. Pakistan aims to re-enter international capital markets, potentially through green bonds, pending further preparations.

At the World Bank’s ‘Roundtable on Implementing for Faster Results and Greater Impact,’ the finance minister emphasized alignment between the Bank’s priorities—such as climate change, digitalization, and human development—and Pakistan’s agenda.

Additionally, Aurangzeb met with UK’s Minister of State for Development and Africa, Andrew Mitchell, inviting British International Investment (BII) to invest in Pakistan’s bankable projects. Meetings with Sultan Abdulrahman Al-Marshad of the Saudi Fund for Development and Citibank officials also focused on ongoing projects and financial stability.

Furthermore, Aurangzeb conveyed condolences to his Chinese counterpart Lan Fo’an regarding a recent terrorist attack against Chinese nationals in Pakistan, reaffirming Pakistan’s commitment to their safety and security.