November 28, 2018: Finance Minister Asad Umar has said that the government can afford a two-month delay to stalled bailout negotiations with the International Monetary Fund with talks set to continue on Thursday.

“We aren’t in hurry,” Umar told Bloomberg on the sidelines of a conference in Islamabad on Wednesday. “We are covered even if it delays for two months.”

Earlier in November, discussions with the IMF hit an impasse over the fund’s proposed changes to Pakistan’s currency and tax policy. Umar said Pakistan’s request will be taken by the IMF in time for a January meeting of its executive board.

Pakistan is looking to bridge a financial gap of at least $12 billion caused by its latest balance of payments crisis. The nation’s foreign exchange reserves have dropped to the lowest in more than four and a half years.

“We still want to have the program,” Umar said. “But we’re not in hurry to have it. It’ll ease and open up other funding avenues.”

(Bloomberg)

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