IMF delegation to arrive in Pakistan for bailout talks next week

ISLAMABAD: A delegation of the International Monetary Fund (IMF) will arrive in Pakistan on November 7 to hold talks on a bailout package, requested by the country last month.

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

“Pakistan approached IMF in Indonesia for a fresh loan program In month of 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, told Reuters in a text message.

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.

On October 8, the federal government announced to approach the International Monetary Fund for an “economic recovery program.”

According to a statement released by Ministry of Finance, the government, after taking into account the current situation and consultation with the leading economists, decided to approach the IMF for stabilization and an “economic recovery program”.