IMF to arrive in Pakistan for bailout review, says finance ministry

An International Monetary Fund (IMF) mission is arriving in Pakistan for a second and last review of a $3 billion standby arrangement this week, the finance ministry said on Wednesday. The four-day review begins on Thursday, said the ministry. Islamabad secured the last-gasped rescue package last summer to avert a sovereign default. “Pakistan has met all structural benchmarks, qualitative performance criteria and indicative targets for successful completion of the IMF review,” the ministry added, hoping for a successful IMF staff-level agreement after the appraisal. The last review, if successful, will release a tranche of around $1.1 billion, the ministry said. Prime Minister Shehbaz Sharif has already directed his finance team, headed by newly installed Finance Minister Muhammad Aurangzeb to initiate work on seeking an Extended Fund Facility (EFF) after the standby arrangement expires on April 11.