Pakistan will unwillingly accept strict conditions of IMF deal: PM Shehbaz Sharif

“We have to accept unwillingly the strict conditions for the IMF deal,” he said, adding that he hoped the deal would be sealed soon.

Pakistani authorities have been negotiating with the IMF since early February over policy framework issues and are hoping to sign a staff-level agreement that will pave the way for more inflows from other bilateral and multilateral lenders.

Once the deal is signed, the lender will issue over a $1 billion tranche from the $6.5 billion bailout agreed in 2019.

The South Asian economy has been in turmoil, and desperately needs external financing with its foreign exchange reserves dipping to around $3 billion, barely enough for three weeks’ worth of imports.

A “friendly country” is also waiting for the deal to be confirmed before extending support to Pakistan, Sharif said, without elaborating.

Longtime ally China this week announced refinancing of $700 million, according to Pakistan’s finance ministry.

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