Pakistan has met all requirements for IMF bailout deal, finance official says

Pakistan is looking to clinch a staff level agreement on an International Monetary Fund (IMF) bailout of more than $6 billion this month after addressing all of the lender’s requirements in its annual budget, state minister for finance told Reuters. The country has set challenging revenue targets in its annual budget to help it win approval from the IMF for a loan to stave off another economic meltdown, even as domestic anger rises at new taxation measures. “We hope to culminate this (IMF) process in the next three to four weeks,” Minister of State for Finance, Revenue and Power Ali Pervaiz Malik said on Wednesday, with the aim of thrashing out a staff level agreement before the IMF board recess. “I think it will be north of $6 billion,” he said of the size of the package, though he added at this point the IMF’s validation was primary focus.