Technical level talks between Pakistan and IMF on bailout package begin

The visiting IMF mission will stay in Islamabad to conclude the technical details by May 6, while the policy level understanding will be reached over the next three days, the Dawn reported citing a source at the finance division.

New Delhi: Days after Pakistani Prime Minister, Imran Khan met with International Monetary Fund chief Christine Lagarde in China, the cash-strapped country and the IMF kicked off technical level talks to sort out details of the proposed bailout package over the next ten days. A delegation of the IMF arrived in Pakistan on Monday for the same issue. The visiting IMF mission will stay in Islamabad to conclude the technical details by May 6, while the policy level understanding will be reached over the next three days, the Dawn reported citing a source at the finance division. After former Finance Minister of the country Asad Umar’s resignation, now, Adviser to the Prime Minister on Finance Hafeez Shaikh will lead the technical level talks with the visiting IMF mission. Asad Umar had abruptly quit the Cabinet on Thursday in the middle of the negotiations to secure the crucial multi-billion dollar IMF bailout package, amid mounting criticism over the handling of the economic crisis. He was asked to take the energy portfolio following a reshuffle in the Cabinet, but decided to not take any cabinet positions. The proposed bailout package is expected to be $6-8 billion, it said. Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. With China’s assistance, it has received so far a total of USD 9.1 billion in financial aid packages from friendly countries during the current fiscal year.