Pakistan will hold talks with the International Monetary Fund (IMF) on the future line of action on the sidelines of the upcoming annul general meeting of the World Bank and the Fund during September 23-25 in Washington.
An official source said the talks would focus on the resumption of bilateral talks to discuss the possibility of the resumption of the suspended $11.3 billion standby arrangement and the possibility of a new bailout package for the repayment of the IMF loan starting from February 2012.
“There is an urgent need for the resumption of talks with the IMF as the country is facing serious challenges that could only be countered with the assistance of international financial institutions,” he said adding that the finance team had started preparations for the meetings.
Pakistan has already shared data relating to the last fiscal year with the Fund. The details on the revenue, monetary and expenditure during the current fiscal year were being compiled to be share with the IMF authorities. However, he said the deteriorating law and order in the commercial hub of the country and damages caused by rains in Sindh would make it difficult to achieve many of the set economic targets. The Federal Board of Revenue (FBR) had collected Rs 105 billion during the first the month of the current fiscal year.
