KARACHI: The International Monetary Fund (IMF) said on Thursday said it would wait for findings of its mission, currently holding talks in Islamabad, for further engagement with Pakistan, which seeks a fresh bailout from the global lender.
The South Asian country, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month completed a short-term $3 billion IMF program that helped stave off a sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
While Islamabad has said it expects a staff-level agreement by July, both Pakistani and IMF officials have refrained from commenting on the size of the program. The South Asian country is expected to seek around $7-8 billion bailout from the global lender.
An IMF team, led by Mission Chief Nathan Porter, this week met Pakistan Finance Minister Muhammad Aurangzeb, central bank governor, chairman of the Federal Board of Revenue and other officials in Islamabad to kickstart discussions on the country’s further engagement with the lender.
“Right now, a mission team led by Nathan Porter, our Mission Chief, is meeting with the authorities this week to discuss the next phase of our engagement with Pakistan,” IMF spokesperson Julie Kozack said at a press briefing on Thursday, when asked about the status of talks with Pakistan.
“Given that there is a mission on the ground, we will wait for them to complete their work and we will communicate the findings of the mission in due course.”
Pakistan narrowly averted a default last summer and its $350 billion economy has slightly stabilized after the completion of the last IMF program, with inflation coming down to around 17 percent in April from a record high of 38 percent in May last year.
However, the South Asian country is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2 percent this year, compared to negative growth last year.
Wall Street Bank Citi expects Pakistan to reach an agreement with the IMF of up to $8 billion program by end-July, and recommends going long on the country’s 2027 international bond.
“While longer-term challenges pertain, we see several positive catalysts supporting the Eurobonds,” Nikola Apostolov at Citi wrote in a note to clients.
“First, a larger and longer IMF EFF (Extended Fund Facility) program could be finalized by July – possibly a $7-8 billion 4-year program and secondly and a possible inflow of Saudi investments,” Apostolov said after a team from Citi visited Pakistan and met policymakers, including Finance Minister Muhammad Aurangzeb.
Citi said it expected Pakistan’s international 2027 bond to offer a sweet spot to investors with sufficient liquidity and large upside as risks of default dissipate further.

ISLAMABAD: Pakistan has established two hospitals and 10 dispensaries in the holy cities of Makkah and Madinah to provide health care for Hajj pilgrims, the head of the country’s medical mission in Saudi Arabia confirmed on Thursday, as hundreds of pilgrims arrive daily in the Kingdom ahead of the annual Islamic pilgrimage. 
Pakistan’s Ministry of Religious Affairs (MoRA) has confirmed that more than 16,000 pilgrims from the country have arrived in Saudi Arabia weeks before Hajj 2024 begins.
This year, 179,210 Pakistanis will perform Hajj under government and private schemes. Pakistan kicked off a month-long flight operation last week, with five airlines— PIA, Saudi Airlines, Airblue, Serene Air, and Air Sial— operating 259 flights from eight major Pakistani cities to Jeddah and Madinah until June 9.
“We have established two main hospitals and ten dispensaries in Makkah and Madinah,” Brig. Jamil Lakhiar, the director of Pakistan’s Hajj Medical Mission, told Arab News from Madinah.
“One main hospital and eight dispensaries are in Makkah, while one hospital and two dispensaries are in Madinah,” he shared. 

He said Pakistani pilgrims’ residences in Makkah have been divided into nine zones. One zone has the main hospital in it while each of the remaining eight zones have a dispensary each.
Lakhiar said around 400 doctors and paramedics have been selected this year for the Hajj Medical Mission, who were gradually arriving in Saudi Arabia with pilgrims to perform their duties. 
The Pakistani official said members of the medical mission were selected by the religion ministry on a pre-defined formula based on merit. He said the mission comprised 70 percent of civilians while 30 percent were selected from the armed forces.
“At the hospitals, we have specialists including cardiologists, gynecologists, pediatricians, pulmonologists, dentists, and others,” Lakhiar said. He said both hospitals were equipped with X-ray, ultrasound, and lab testing facilities where minor procedures could be performed. 

He said patients suffering from serious ailments are referred to Saudi hospitals for further treatment.
“In every dispensary, one doctor, two paramedics and one pharmacist will be present round the clock in different shifts,” Lakhiar said, adding that each dispensary has an ambulance as well.
“So far in Madinah, we have treated more than 500 Pakistani pilgrims for various minor issues,” he disclosed. 
The official said all treatments, tests and medicines were provided free of cost to pilgrims.
“Every doctor and paramedic has to return after 45 days, that is why their arrival is staggered so that when one leaves, there will always be others available to replace them until the last flight,” Lakhiar said.