A delegation led by the Finance Minister Asad Umar has agreed on a three-year bailout package with The International Monetary Fund (IMF) for Pakistan during the Minister’s recent visit to Washington. Both sides reached an agreement on the sidelines of the annual Spring Meeting in the US capital.
The final amount of the bailout has yet to be decided, it is highly likely that it will be decided during the IMF’s visit to Islamabad.
“Pakistan has been facing a crisis of balance of payments for a long time and we went to the IMF due to some previous wrong decisions”, said Umar on Friday.
While talking to a ceremony in Washington, he said: “The programme with the International Monetary Fund would soon be completed for Pakistan”.
He further added that “it has been decided in principle to start the IMF programme” and this step was being taken in the “best interest of the national economy”, saying that the “programme will bring improvement in the economy”.
According to him, in the next few weeks, an IMF delegation will be coming to Pakistan to hash out the technical details. Lastly, he added that the increase in trade would boost the standard of living for the people.