Pakistan Annihilated At Midnight, Now A Test At Dawn: Will IMF Save It? All Eyes On Key Board Meeting

New Delhi: Pakistan now faces a crucial test following its overnight military setback at the hands of India — a key meeting with the IMF Executive Board. After provoking India for the second time, Islamabad launched a fresh barrage of missiles and drones targeting multiple cities across northern India. However, in a swift and decisive response, the Indian armed forces intercepted the attacks and shot down at least five Pakistani jets, including an F-16, dealing another blow to Pakistan's offensive ambitions.

The cash-strapped nation is scheduled to meet the IMF executive board today for the first review of the Extended Funding Facility (EFF) as Pakistan seeks another $1.3 billion bailout. The meeting has now even more significance as it comes just days after India's 'Operation Sindoor', which decimated nine terror sites in Pakistan and Pakistan-occupied Kashmir.

Notably, India is likely to forward the country's position at the board meeting on the IMF's review bailout package to Pakistan.

"I'm sure that our executive director will put forward India's position," Foreign Secretary Vikram Misri said in a media briefing.

"The decisions of the board are a different matter... But I think the case with regard to Pakistan should be self-evident to those people who generously open their pockets to bail out this country," he said.

Foreign Secretary Vikram Misri has raised serious concerns over Pakistan’s use of IMF funds, noting that many of the 24 bailout packages granted to Islamabad have failed to reach successful outcomes.

Currently, Parameswaran Iyer is overseeing the IMF-related responsibilities on India’s behalf at the World Bank, following the removal of KV Subramanian as the IMF Executive Director.

Pakistan has received repeated financial support from the IMF in recent years. In September 2024, the IMF approved a $7 billion loan package for Pakistan, of which $1 billion has already been disbursed. Additionally, in March 2025, the Fund approved a separate $1.3 billion loan tied to climate change initiatives.

However, these IMF packages come with stringent conditions aimed at pushing structural reforms in the borrower’s economy.

Misri strongly criticised Pakistan’s handling of such funds, alleging that instead of reforming its economy, the financial assistance is being misused to support its military intelligence networks. He warned that these funds are indirectly facilitating operations of terror groups like Lashkar-e-Toiba (LeT) and Jaish-e-Mohammed (JeM), which have long been involved in cross-border terrorism.

"Pakistan's reputation as the epicentre of global terrorism is rooted in a number of instances... I don't need to remind where Osama Bin Laden was found and who called him a martyr," he said.

Pakistan, grappling with a deepening economic crisis, remains heavily dependent on the International Monetary Fund’s Extended Fund Facility (EFF) for financial stability.

An upcoming IMF review on May 9 will decide whether Pakistan qualifies for the next tranche of funding. However, the review comes at a critical juncture — just days after India launched "Operation Sindoor," a precision military strike on terror camps in Pakistan and Pakistan-Occupied Kashmir.

This escalation has intensified India’s appeal for a reassessment of international financial aid to Pakistan, raising questions about the accountability and end-use of IMF funds.

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