This photo shows the spare vehicle parts' shops at the Shoba Bazar automobile market in Pakistan’s north-western city of Peshawar on May 4, 2023. (PHOTO / AFP)
ISLAMABAD — The International Monetary Fund (IMF) is working with Pakistani authorities to conclude a ninth review of a bailout program that will release $1.1 billion to the cash-strapped country, the lender's mission chief said on Friday.
"The IMF continues to work with the Pakistani authorities to bring the ninth review to conclusion once the necessary financing is in place and the agreement is finalized," mission chief Nathan Porter said in a statement.
Pakistan and the IMF have trying to finish the review since February to resume stalled funding from a $6.5 billion bailout agreed in 2019
"IMF supports the authorities in the implementation of policies in the period ahead, including in the technical work to prepare the FY24 budget, which is to be passed by the National Assembly before end-June."
READ MORE: Pakistan hopes to seal key IMF bailout agreement soon
Pakistan and the IMF have trying to finish the review since February to resume stalled funding from a $6.5 billion bailout agreed in 2019.
As part of the conditions, Pakistan has given an assurance that its balance of payments gap this fiscal year, which ends in June, would be funded from bilateral and multilateral financing.
READ MORE: IMF: Pakistan has to give promise on financing balance of payment gap
Pakistan has announced pledges worth $3 billion in financing support by Saudi Arabia and UAE but that has yet to come through.