Second round of talks, Pakistan to resume bailout backage with IMF

Second round of talks, Pakistan to resume bailout backage with IMF
Islamabad: The second round of talks will be held today between Pakistan and International Monetary Fund (IMF) Delegation.

The policy talks will get start from Monday in which IMF will review Pakistan economic policies and the loans taken in the past.

Earlier on Wednesday, the IMF delegation led by its chief Herald Finger held first round of talks with top Finance Ministry officials in Islamabad which were on a on a "technical level".

Pakistan briefed IMF over the country’s economic policies in the first round of talks regarding the 13th bailout program.

Minister for Finance Asad Umar will lead Pakistani side during the policy level talks.

The size of the IMF program will be determined after finalising package from China as Pakistan’s high powered technical team led by Secretary Finance Arif Ahmed Khan and Governor SBP Tariq Bajwa is scheduled to visit Beijing from November 9, 2018, for finalising package for a balance of payment support.

The country’s foreign reserves have plummeted 42 percent since January to around eight billion dollars, barely sufficient to cover two months of imports.“The initial three to four days (of the IMF talks) are for technical discussions,” Finance Ministry spokesman Noor Ahmed informed. “Thereafter, there will be policy dialogue on the specific contents of the program.”

Officials said Pakistan and the IMF mission will evolve agreement on the memorandum of economic and financial policies and then sign of letter of intent to secure a 36-month extended fund facility loan.

The country ended its three years $6.6 billion programs in September 2016.