Pakistan To Seek Fresh IMF Bailout Package Of Over $8 Billion

Pakistan will make a formal request to the International Monetary Fund (IMF) for a longer and larger bailout package under the Extended Fund Facility (EFF) next month, The Geo News reported on Sunday.

The country is expected to seek a fresh IMF bailout package of over $8 billion, with the possibility of augmentation through climate finance, at the upcoming spring meetings of the IMF in Washington DC, scheduled from April 15 to 20.

According to the report, the inflation-hit country might ask for an enhanced quota, like it did in 2008, when Islamabad obtained a grant 700 percent above its quota.

Alternatively, it can also request additional funds through a climate finance instrument, as Pakistan qualifies for it due to the worsening impact of climate change the country has endured in recent years.