ISLAMABAD: An International Monetary Fund (IMF) mission will land in Pakistan tonight, Monday, to discuss a stalled ninth review of the country's current funding program, Pakistani media widely reported.

A successful IMF visit is critical for Pakistan, which is facing an increasingly acute balance of payments crisis and is desperate to secure external financing, with less than three weeks' worth of import cover in its foreign exchange reserves.

“The [IMF] delegation will stay in Pakistan for 10 days,” Samaa Digital, a leading Pakistani news portal, reported. “During the visit, the delegation will be briefed about the country’s economic performance during the second half of 2022 … The situation arising from $30 billion losses incurred by the recent floods will also be conveyed to IMF.”

The government will also brief the IMF delegation on actions it has taken to improve tax revenue and exchange rate conditions, as well as reforms in the energy sector and steps taken to squeeze the current account deficit.

Last week, Pakistan's ministry of finance announced petrol and diesel prices would rise by 35 rupees ($0.1400) a litre. Last week, the Pakistani rupee lost close to 12% of its value after the removal of price caps that were imposed by the government but which were opposed by the IMF.