PM Shehbaz Sharif to discuss new loan deal with IMF mission

ISLAMABAD: Prime Minister Shehbaz Sharif is expected to meet International Monetary Fund (IMF) mission next week to discuss a new loan programme, ARY News reported on Monday quoting sources.

Sources said that the prime minister is expected to discuss the possibility of securing additional funding from the lender.

During the meeting, the lender will seek assurances from PM Shehbaz Sharif on targets in the new loan program.

Sources added that these discussions will cover the continuation of stringent economic policies in the upcoming fiscal year budget.

Meanwhile, talks between Pakistan and the International Monetary Fund (IMF) for a fresh loan have begun in Islamabad today.

Pakistan is seeking a $6 to $8 billion bailout package from the international lender for three to four years to address its financial woes.

A mission team led by Nathan Porter, IMF’s Mission Chief to Pakistan is holding talks with the Pakistani delegation led by Finance Minister Muhammad Aurangzeb.

Sources privy to the development said Islamabad might have to take more tough decisions including increasing electricity and gas tariffs.

Briefing the IMF delegation, Mr. Aurganzeb said the country’s economy has improved after the IMF loan package and Islamabad is ready to sign a fresh loan programme for further improvement.

IMF’s current visit in Pakistan is expected to last at least 2 weeks.