IMF delegation in Pakistan for bailout talks

ISLAMABAD: A delegation of the International Monetary Fund (IMF) arrived in Islamabad today (Wednesday) for talks on a bailout package.

The delegation will be in the country for two weeks.

"In the first phase, IMF’s technical team will hold talks with Pakistani officials. Pakistan will inform the money watchdog about the country's economic needs," sources said.

Finance Minister Asad Umar and heads of the Finance Bureau of Revenue and State Bank of Pakistan (SBP) will attend the meetings. 

Earlier, IMF spokesperson Gerry Rice had said the fund’s executive board will be sent for talks on a staff-level agreement.

Pakistan had formally approached IMF in October for loans.

Last month, IMF chief Christine Lagarde had said that she met with Umar, SBP Governor Tariq Bajwa and members of their economic team during which Pakistan formally requested for financial assistance. "During the meeting, they requested financial assistance from the IMF to help address Pakistan’s economic challenges," Lagarde said in a statement.

"An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme,” Lagarde had further said.