Prime Minister Shehbaz Sharif contacted IMF Managing Director Kristalina Georgieva and sought her help in completing the ninth review in order to revive the derailed $6.5 billion bailout package to stave off imminent default, reported 24NewsHD TV channel.

PM Shehbaz directed the finance ministry to share budget details with the International Monetary Fund.

The prime minister informed the IMF chief that Pakistan has fulfilled all the conditions agreed in February, so now the staff level agreement should be announced.

The IMF MD demanded to provide details of the new budget after which it was agreed between the two leaders that Pakistan would provide the budget details to the IMF.

Earlier, the finance ministry had refused to give these details to the IMF on the grounds that the ninth review is for the period of July-September 2022 and in such a case, the demand for details of the upcoming budget is unjustified.

A senior government official said that a staff-level agreement is possible if the budget details are in line with the monetary framework set by the IMF.

Sources said that the IMF's wants assurances from Pakistan on the issue of external financing.

The global lender had asked Pakistan to get assurances of $6 billion external financing by June. However, Pakistan could assure $3 billion financing from Saudi Arabia and the UAE.  

IMF hopes for board meeting

The International Monetary Fund (IMF) remained in touch with the government in Pakistan in order to pave the way for a board meeting before a financing programme expires at the end of June, the IMF mission chief for Pakistan said, reported Reuters news agency on Tuesday.

Ordinarily, a board meeting on a review of the programme would require a prior staff-level agreement, which in Pakistan's case would unlock $1.1 billion in financing for the cash-strapped South Asian nation as part of a $6.5 billion IMF package.

The staff-level agreement has been delayed since November, with more than 100 days gone since the last staff-level mission to Pakistan, the longest such delay since at least 2008.

"This engagement will focus on the restoration of foreign exchange proper market functioning, the passage of a FY24 budget consistent with programme goals, and adequate financing," IMF mission chief Nathan Porter said.

On Sunday, Finance Minister Ishaq Dar said Pakistan will share its budget details with the Fund. He added that he would like the IMF to clear its 9th review before the budget, which is due to be presented in early June, as all the conditions for that had already been met.

"They have asked for some more things again, we are ready to give that too, they say that give us budget details, we will give it to them," Dar said in a TV interview.

He said it would not work for Pakistan if the IMF combined the 9th and 10th review of the bailout, adding, "We will not do it, (we) see this is (as) unfair."

Porter said that broadly speaking, "overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth."

While the IMF does not comment on domestic politics, Porter said it hopes "a peaceful way forward is found in line with the Constitution and the rule of law," referring to Pakistan's political instability.