Pakistan is requesting further funds from the International Monetary Fund (IMF)

Pakistan has requested an increase in the size and duration of its $6 billion International Monetary Fund (IMF) programme, according to Miftah Ismail, the country’s finance minister.

Following negotiations with the IMF in Washington, Ismail made the remarks in a video statement on Monday. It occurred after the IMF said that Islamabad has agreed to reduce subsidies in the oil and power sectors ahead of a restart of the IMF’s support for the country next month.

“I’ve requested the fund and I think they have, largely, they’ve agreed to extend this programme for another one year,” he said. “I’ve also requested that they enhance the funding available to Pakistan from $6 billion under this programme to perhaps a little bit more.”

The details will be absolute when the mission comes to Pakistan in May, he said.

“Based on the constructive discussions with the authorities in Washington, the IMF expects to field a mission to Pakistan in May to resume discussions over policies for completing the 7th EFF review,” the IMF said in a statement, referring to its Extended Fund Facility programme.

This is for the $6 billion in aid that the IMF agreed to give Pakistan in 2019. Pakistan’s IMF loan was suspended in 2020 because the country failed to meet the terms. Last year, the proposal was revived after Prime Minister Imran Khan’s administration agreed to stiffer terms, including hiking gasoline prices and energy rates, though he pulled back the hikes a few months later to appease popular outrage over rising living costs.