IMF delegation arrives in Pakistan for bailout talks

ISLAMABAD: A delegation of the International Monetary Fund (IMF) has arrived in Pakistan to hold talks with the government on a possible bailout package, ARY News reported.

The government has reportedly finalised its paperwork to seek up to $6 billion bailout package from the IMF, however, Pakistan need to share its strategy and reform plan to return the loan.

“Pakistan had approached IMF in Indonesia for a fresh loan program in October”, according to the Fund’s Director Communication, Gerry Rice.

On October 24, it was learnt that Pakistan was 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.”