Pakistan's new Prime Minister Shehbaz Sharif has ordered “immediate” talks with the IMF for an extended fund facility for his cash-strapped country, saying that improving the state of the economy would be the top priority of his government which has received the “mandate”.

In January, Pakistan received over $700 million second tranche from the International Monetary Fund (IMF) under the existing $3 billion Stand-by Arrangement (SBA) agreed towards June last year when Pakistan was slowly drifting towards default.

Pakistan has not completed the last USD 6.5 billion IMF bailout package, and therefore, the first task of the new government will be to sit with the Washington-based global lender to get the last loan tranche of $1.2 billion.

The official handle of the Pakistan Muslim League (PML-N) president on Monday posted in Urdu on X that a few hours after the swearing-in of Prime Minister Sharif, a meeting was held regarding “the restoration of the country’s economy”.

The Prime Minister directed to “immediately proceed” with the talks with the IMF regarding the Extended Fund Facility, it said. Sharif directed to prepare an action plan on an emergency basis to restore the economic situation. “We have got the mandate to improve the economy and that is the top priority of our government,” he said.