ISLAMABAD: Representatives from Pakistan and the International Monetary Fund (IMF) began another round of talks in Islamabad on Tuesday for a bailout package to help the country overcome a deepening economic crisis.
IMF team arrived in Islamabad on Monday to kickstart negotiations for a three-year bailout package which could help Pakistan overcome its economic crisis.
The visit follows a meeting between Prime Minister Imran Khan and IMF Chief Christine Lagarde, when the two met on the sidelines of the Belt and Road Forum in Beijing on April 26.
“We discussed prospects for a comprehensive policy package and international financial support to help stabilize the economy of Pakistan, and also the need to strengthen governance and protect the poor,” Lagarde had tweeted after the meeting with Khan.
Pakistan is seeking nearly $8 billion from the IMF to help the country address its financial woes.
The previous round of talks was held in November, but had remained inconclusive.
Last year, Khan’s government was close to signing the deal with the IMF – the 13th such bailout program to be inked with the global financial body since the late 1980s – but decided against it after reviewing the conditions attached to the proposed program, which officials had deemed as tough.
For this year’s negotiations in Islamabad, Dr. Abdul Hafeez Shaikh, the newly-appointed Adviser to the Prime Minister on Finance will lead the delegation from the Pakistani side.
According to the Ministry of Finance, extensive work has been underway “for data... macroeconomic framework finalization and structural reforms” between several top bodies in Pakistan, including the central bank, the Federal Board of Revenue and more.