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Pakistan Finance Minister Muhammad Aurangzeb has already made his way to Washington and is scheduled to meet with IMF Managing Director Kristalina Georgieva as soon as possible.
It’s been reported that Aurangzeb will present two requests for a new bailout: first, to secure funds through the lender’s Extended Fund Facility, and second, to receive additional support to combat climate change.
Read Also: IMF Managing Director Urges Pakistan Reform: Key Issues and Financial Transparency
Additionally, sources have disclosed that the Finance Division has compiled a briefing outlining measures aimed at addressing climate change, along with details of the upcoming budget allocation, which will be shared with IMF officials. Governor State Bank of Pakistan Jameel Ahmed and the Secretary Finance Division are set to provide economic figures to the lender.
Anticipations are that Aurangzeb’s meeting with Georgieva will lead to an IMF Mission visiting Pakistan in May 2024 to further negotiate terms. This mission will collaborate with Pakistan’s economic team to formulate the new loan program and draft the budget for the upcoming financial year.
In addition to engaging with the IMF, Aurangzeb’s economic team is also slated to meet with World Bank officials to discuss securing additional financing.
Ministerial meetings with the IMF are scheduled from April 17 to 19, with supplementary activities planned for April 15-20.
Aurangzeb’s team will also hold discussions with finance ministers from China, Saudi Arabia, the UAE, Turkey, and other friendly nations in attendance.