Big blow to Pakistan: IMF avoids review of $ 6 billion concession package

New Delhi, 7 April 2020 Tuesday

The International Monetary Fund has avoided Friday's review of a $ 6 billion Dossier relief package for Pakistan facing an economic crisis, saying it was delaying implementation of the measures.

The executive board of the IMF approved a $ 6 billion loan from Pakistan in 3 years last July, in return for some drastic measures for Pakistan.

Pakistan's Prime Minister Imran Khan contacted the IMF in August 2018 for a bailout package after coming to power, Khan had to contact the IMF despite funding from China, Saudi Arabia and the UAE due to the growing financial crisis.

The IMF has confirmed a second review of the relief package, but said its priority for a $ 1.4 billion loan has changed.

Pakistan's finance ministry said the IMF did not report any delay in approving another review of the 10-month-old debt program.

Sources said that the IMF board would not accept Pakistan's proposal to approve another review for October - December 2019 on April 10.