ISLAMABAD: Pakistan's Prime Minister Shehbaz Sharif said on Friday that a team of the International Monetary Fund (IMF) officials was due in Pakistan in the "next two, three days" for the 9th review of the South Asian nation's $7 billion loan program.
Pakistan has for months been embroiled in an economic crisis, with its foreign exchange reserves diminishing below $6 billion, national currency hitting record lows and inflation at decades-high levels.
The latest data from the Pakistani central bank for the week ending December 30 shows the country has half the foreign exchange reserves it held a year ago.
Servicing foreign debt and paying for crucial commodities such as medicine, food and energy are among the chief concerns of the South Asian nation.
"I received a call from the IMF managing director last evening... I told her there is no likelihood of a default, but you should send your delegation so that the 9th review of the IMF is completed and we get the IMF tranche," PM Sharif said at a ceremony.
"She said 'you are right and the team will come in the next two, three days'."
PM Sharif said the Chinese premier had told IMF Managing Director Kristalina Georgieva on her recent visit to China that Beijing stands by Pakistan and the IMF should support the South Asian country as well.
Pakistan entered a $6 billion loan program in 2019, which was later expanded to $7 billion.
The 9th review, which has been pending since September, will allow the release of around $1 billion to the cash-strapped South Asian country.
