WASHINGTON: (DNA) – As the time approaches to officially reach out to the International Monetary Fund (IMF) for a bailout, diplomatic sources have said the country is seeking an $8 billion package to get itself out of its economic quagmires.

According to a report, the diplomatic sources shared the IMF could enforce stringent conditions which would compel Pakistan to seek additional financing for meeting those restrictions and widen the loan facility to $12 billion.

Talks of an IMF bailout had been doing the rounds during the end months of the previous PML-N government due to twin deficits i.e. current account and trade deficit and precarious foreign exchange reserves situation.

However, the newly formed PTI government explored other avenues of financing to avoid an IMF bailout seeking help from China and Saudi Arabia before eventually exhausting its other options and approaching the Washington-based lender.