The Pakistan Tehreek-e-Insaf (PTI) has withdrawn support for IMF’s $3 billion stand-by arrangement loan program for Pakistan, according to a report on Wednesday.

A PTI delegation led by its Chairman Barrister Gohar met with the IMF representatives and communicated to them the party’s reservations over the lack of fair play in holding the 2024 general elections.

PTI has “indicated” that it is going to withdraw its support for the IMF loan program and its assurance that the program will be implemented after the election, it said.

According to the media reports party had supported the loan program on the condition of holding free and fair elections in the country, but such an election no longer seemed possible, so it was withdrawing its support for the program.

IMF’s $3 billion SBA program was approved in July 2023 after months-long efforts by Pakistan officials.

IMF representatives held a series of meetings with leaders of various political parties including PMLN, PPP and PTI.

The Fund received assurance from the political parties that they will implement the terms of the program after coming to power following the general election.