IMF seeks flood recovery plan to unlock loan

Pakistan's timely finalisation of a recovery plan from devastating floods is essential to support discussions and continued financial support from multilateral and bilateral partners, the International Monetary Fund (IMF) said on Wednesday. Pakistan was already battling a full-blown economic crisis, with decades-high inflation and dwindling foreign exchange reserves, when it was hit by floods earlier this year. It had entered a $6 billion IMF bailout programme in 2019, and the ninth review is currently pending. "The timely finalisation of the recovery plan is essential to support the discussions, along with continuing financial support from multilateral and bilateral partners," IMF resident representative Esther Perez Ruiz said in a message to Reuters. She added that IMF staff is continuing discussions with Pakistani authorities over policies to reprioritize and better target support toward humanitarian needs, while accelerating reform efforts to preserve economic and fiscal sustainability.