IMF delegation to arrive in Pakistan today

IMF delegation to arrive in Pakistan today

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ISLAMABAD: A delegation of the International Monetary Fund (IMF) is arriving in Pakistan today to hold talks with the government on a bailout package, media reported.

The IMF team is coming for monetary assistance talks on request of the government.

According to the Fund’s Director Communication, Gerry Rice, the IMF executive board will hold talks over possible bailout package.

“Pakistan approached IMF in Indonesia for a fresh loan program in October”, said Gerry Rice in his statement.

On October 24, it was learnt that Pakistan is still planning to seek a bailout from the International Monetary Fund (IMF) despite Saudi Arabia’s bailout package of worth $6 billion.

“Yes, we are going ahead into program negotiations with (IMF) in the first week of November,” Noor Ahmed, spokesman for the finance ministry, had reportedly said.

Saudi Arabia during recent visit of Premier Imran Khan agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis.

Finance Minister Asad Umer on October 11, called on International Monetary Fund (IMF) chief Christine Lagarde to formally request the global body for providing financial assistance to rescue the economy of Pakistan.

Lagarde also informed that an IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic program.

The federal government had also announced to approach the International Monetary Fund for an “economic recovery program.”

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