Pakistan and the International Monetary Fund (IMF) are in ongoing discussions regarding a new bailout package to address economic challenges.
Sources familiar with the negotiations revealed that both the sides exchanged views to meet the financial needs for the upcoming fiscal year.
According to sources, Pakistan discussed the initial estimates of external financing for the next fiscal year with IMF during the meeting. Pakistan’s economic team has initially estimated the external financing needs for the upcoming fiscal year at $22 billion.
The sources further added that the issuance of Panda Bonds during the next fiscal year is part of the share plan with the IMF.
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The plan also includes issuing international Sukuk bonds worth over $1.5 billion for the upcoming fiscal year. Furthermore, it also includes around $12 billion in loan rollover from friendly nations.
The issuance of Panda bonds is scheduled for the first quarter of the upcoming fiscal year. Moreover, the plan incorporates new financing from both the World Bank and the Asian Development Bank.
