IMF to begin negotiations on bailout scheme this week

MG News | November 05, 2018 at 01:23 PM GMT+05:00

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November 5, 2018 (MLN): A delegation of the International Monetary Fund (IMF) is expected to arrive in Islamabad on Wednesday, to resume talks on the proposed bailout for Pakistan and to negotiate its terms.

Regardless of obtaining a $6 billion support package form Saudi Arabia, Pakistan needs more financial assistance to bridge its widened current account deficit. Given that Pakistan’s foreign exchange reserves crashed by over 40% this year and Pakistani rupee lost its value by a quarter in the last six months, IMF bailout seems to be the only alternative left for the economy’s survival.

The IMF team will stay in Pakistan for a fortnight to examine its financial position. After the visit, Pakistan’s loan request will be forwarded to IMF’s executive board for approval.

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