Karachi: Amid an incessant delay in revival of bailout programme, Pakistani authorities are now hopeful of inking deal with International Monetary Fund (IMF) before they unveil budget on June 9, said Ministry of Finance in an emailed response to questions from Bloomberg.

Pakistan has lined up $ 4 billion in external financing and hopes to obtain deal with lender before it unveils its budget on Friday, Ministry of Finance was quoted as saying in report.

Islamabad is now in chase of securing remaining $ 2 billion in external funding gap out of $ 6-billion target to revive stalled bailout, added Bloomberg report.

“Pakistan remains committed to completing IMF programme and has already demonstrated its seriousness,” Ministry said. “Pakistan is committed to mobilising additional liquidity despite significant contraction of current-account deficit which has reduced requirement,” it added.

IMF had earlier insisted that Pakistan needs to meet its external financing gap, which many estimated to be at $ 6 billion and reiterated its stance earlier in May after Islamabad said it has secured $ 3 billion in commitments.

Out of $ 3 billion, $ 2 billion were pledged by Saudi Arabia and another $ 1 billion by UAE. However, amounts are yet to be deposited in Pakistan’s central bank. While Bloomberg report quoted Finance Ministry as saying that country had lined up $ 4 billion, remaining amount of $ 1 billion was not attributed to any multilateral or bilateral financing partner.

Separately, Ruiz responding to a daily confirmed that government of Pakistan shared some of details of fiscal year 2023-24 budget with IMF. She stated, “Some details of fiscal year 2024 budget have been shared over past week and we have engaged in discussions around this information and government’s budget plans.

Published in The Daily National Courier, June, 07 2023

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