Pakistan to negotiate critical bailout package with IMF, WB

A high-level team of the country’s economic managers will leave for Washington on April 18 to hold talks with the IMF and the World Bank to seek a critical bailout package for the country’s ailing economy. The delegation which will include the governor State Bank of Pakistan, chairman Federal Board of Revenue and secretary Ministry of Finance will hold talks with officials of the International Monetary Fund and the World Bank from April 19 to April 21.
A spokesman of the Finance Ministry said that upcoming talks are very crucial in the context of current macroeconomic situation, adding that the issue of getting a new loan package from the IMF could also come under discussion.
“Approaching IMF for assistance is not insulting,” the spokesman said, adding that the IMF was established to help countries in need of financial assistance.
Pakistan’s foreign exchange reserves are running critically low mainly due to low foreign inflows and high debt payments.