Finance Minister Umar to attend annual IMF, World Bank meetings

A Pakistani delegation led by Finance Minister Asad Umar will attend the annual meeting of the International Monetary Fund (IMF) and World Bank in Bali, Indonesia this week, sources said.

The delegation will leave for Bali today, to attend the meeting taking place on the Indonesian island from October 12 to 14, sources within the Ministry of Finance said.

Finance Minister Umar will meet IMF officials on the sidelines of the meeting, where he will discuss the challenges confronting the Pakistani economy and the proposed IMF loan programme, the sources said.

Pakistan has said it might need to return to the IMF to address its mounting balance of payments crisis but would seek funding from friendly countries first.

Prime Minister Imran Khan, during a press conference on Sunday, blamed the country's economic woes on the previous government and said the country “may go to IMF for loan to handle [its] financial issues."

“But, first we will try to get assistance from other countries as we have requested three countries to deposit money in Pakistan´s State Bank that would help boost national reserves," he said, without offering any more details on the matter.

The IMF concluded a consultative visit last week with a warning that Pakistan needed to quickly secure "significant external financing" to stave off a crisis, though it did not suggest who could supply the money.

Finance Minister Umar has said foreign reserves need to be boosted by at least $8 billion.

Ministry sources say IMF could lend up to US$10 billion.

The IMF-World Bank meeting is an annual summit to discuss global financial and economic issues, including global economic outlook, poverty eradication, and aid effectiveness.