ISLAMABAD: The International Monetary Fund (IMF) has finalised a bailout package for Pakistan as talks between the two sides were finalised during a recent visit by the Pakistani delegation to the United States, according to media reports.
The IMF agreed to a three-year bailout package for Pakistan, after a high-level delegation led by Finance Minister Asad Umar met with IMF and World Bank officials on the sidelines of the annual Spring Meeting in Washington, DC, sources said.
The world lender did not object to an asset declaration scheme proposed by Pakistan, the sources added, pointing out that Pakistan had already shared a draft of the proposed scheme with the IMF and the Financial Action Task Force.
The final value of the bailout package would be decided during a visit of the IMF mission to Islamabad, expected soon. The Spring Meeting ended on Sunday, following which the Pakistani delegation arrived back home earlier today. The exact dates for the IMF’s visit to Pakistan will be decided within the next day or two, sources said. The bailout package will be signed within this month, the sources further said.
Information Minister Fawad Chaudhry, speaking to media earlier today, said the finance minister will inform the nation regarding the IMF agreement in the coming days. Chaudhry said the country can expect some major news about the economy within the next two days.
“Pakistan’s economy is moving towards strength,” he said, adding that there had been “positive progress” with the Paris-based anti-terror laundering watchdog FATF as well.