Pakistan bargains hard for larger IMF deal of up to $8bn

ISLAMABAD -- Pakistan has made a formal request to the International Monetary Fund for a new loan package in the range of $6 billion to $8 billion under the Extended Fund Facility (EFF). The South Asian country has also asked the IMF to dispatch a review mission in May to finalize details of the new deal.

Last week, Pakistan's delegation, led by Finance Minister Muhammad Aurangzeb, attended the annual spring meetings of the IMF in Washington. The country is still waiting for the release of the final tranche of a $1.1 billion loan from the fund under the Stand-by Agreement (SBA), which was concluded this month. Now Pakistan needs another program to remain afloat for the next three years.