ISLAMABAD : March 15,2023: Too close but yet too far.
This phrase comes true in Pakistan’s case . Pakistan is struggling for early signing of staff level agreement .
Pakistan ‘s bid to see early signing of staff level agreement with International Monetary Fund (IMF) seems falling apart as the latter puts a new condition asking Islamabad do province letter of commitment from other sources to tap inflow to ensure outstanding payments of $ 6.5 billion by June 30.
Sources said Pakistan was already working on a plan to get financial support of $ 6 billion to ensure payments of $ 6.5 billion to the lenders .
Reliable sources told NEWSMAN that Pakistan has open up dialogue with the friendly countries like Saudi Arabia, Qatar and United Arab Emirates (UAE) to get LoC committing transfer of funds of $ 4.5 billion out of $ 6.5 billion to payback to the lending agencies.
Pakistan is negotiating LoC with the friendly countries amounting to $ 4.5 billion and its authorities will be in a position to present LoC of the friendly countries to IMF officials to secure a $ 1.2 billion bailout package .
Pakistan is going through a worse economic crisis due to poor policies . In order to steer the county put of the current economic crisis , Pakistan had launched a plan to seek IMF bailout package some two and half months ago, but its yet to reach to a staff level agreement to secure a bailout package for Pakistan.
Delay in reaching an agreements with IMF has made it difficult for Pakistan to sail through these hard times.