IMF to hold crucial talks with Pakistan on release of final $1.1 billion tranche of $3 billion bailout

ISLAMABAD The International Monetary Fund will hold a series of crucial negotiations this week with Pakistan's newly elected government to determine whether the country has met the conditions to receive the final, much-needed $1.1 billion tranche of a $3 billion bailout package. billion dollars, officials said Wednesday.

The five-day talks begin Thursday in Islamabad with the government of Prime Minister Shehbaz Sharif, whose advisers have hinted that Pakistan will seek a new bailout of up to $8 billion when the current plan expires this month.

Pakistan is set to receive the final payment of $1.1 billion from the IMF as part of the 2023 bailout deal agreed by both sides last year. It needs funds to weather one of the worst economic crises in its history, which has raised fears that the South Asian Islamic nation could default on its foreign debt payments.

In a statement, Pakistan's Finance Ministry said Pakistan had met all IMF conditions to receive the final much-needed tranche of $1.1 billion under the bailout package which expires this month.

The ministry said once an IMF staff-level agreement was reached, the global lender's board would approve the disbursement of the $1.1 billion to Pakistan.

This latest development comes a day after Pakistan's new Finance Minister Muhammad Aurangzeb told reporters that Islamabad would seek a new bailout from the IMF when the current bailout is successfully concluded.

Last year's bailout was signed by Sharif, who replaced former Prime Minister Imran Khan after a vote of no confidence in Parliament. Sharif was elected prime minister again this month following the February 8 parliamentary elections.

This latest development comes days after Khan wrote a letter to the IMF urging it to link any negotiations with Islamabad to an audit of the recent elections, which his Pakistan Tehreek-e-Insaf party says were rigged. Authorities dismissed the accusation as baseless.

So far, the IMF has not commented on Khan's letter.

Khan was criticized by the Sharif government for writing the letter, which said it was an attempt by Khan to harm the economy. Pakistan narrowly avoided a default on its external payments last summer when the IMF approved its bailout plan after months of negotiations.

Sharif said this week that his biggest challenge was overcoming the ongoing economic crisis.

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