IMF delegation to arrive in Pakistan on Nov 7 for bailout talks

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A delegation of the International Monetary Fund (IMF) will arrive in Pakistan on November 7 for talks on a bailout package.

According to IMF spokesperson Gerry Rice, the fund’s executive board will be sent for talks on a staff-level agreement.

Rice did not expand on the time-table for the agreement.

Pakistan had approached IMF in Indonesia in October for loans.

Finance Minister Asad Umar announced on October 8 the government’s decision to go for IMF “immediately” to deal with the financial crisis.

Umar added it is to kickstart growth in capital market and improving stock exchange, while claiming it would be the last time Pakistan approaches the IMF.

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