Exclusive-Pakistan formally requests IMF RST money, targeting $1 billion, finance minister says

WASHINGTON (Reuters) – Pakistan is targeting around $1 billion in a formal request for funding from the IMF facility that helps lows and middle income countries manage external shocks, its finance minister told Reuters.

“We have formally requested to be considered for this facility,” Finance Minister Muhammad Aurangzeb said in an interview on the sidelines of the IMF/World Bank autumn meetings in Washington.

The International Monetary Fund agreed a bailout for Pakistan last month, but has further funding available via its Resilience and Sustainability Trust (RST).

The country is also in talks with the Asian Infrastructure Investment Bank for a credit enhancement for a planned Panda bond, with an initial issue of $200-250 million.