Pakistan, IMF arrives at consensus over financial package, says Asad Umar

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ISLAMABAD: Finance Minister Asad Umar on Monday said that Pakistan and the International Monetary Fund (IMF) have arrived at consensus over the financial package, ARY News reported.

A mission of the IMF will reach Pakistan in the last week of April and the financial bailout package will be finalized on arrival of the delegation, Umar told a session of the National Assembly’s standing committee on finance today.

He said a medium term economic framework has been prepared and shared with the prime minister and the economic advisory board.

The finance minister said that the agreement with the IMF would also be shared in the session of the standing committee.

The minister of finance briefed the committee’s session about his US visit and meetings with the officials of IMF, the World Bank and the Asian Development Bank (ADB).

The World Bank and ADB officials lauded the ongoing economic reforms in Pakistan, the minister said adding that the WB and ADB will also extend assistance to Pakistan.

He said now the rapidly falling foreign exchange reserves will stabilize and after agreement with the IMF funds will also be released from the World Bank and the ADB.

He said the economic reforms being worked out and after the IMF bailout, improvement will also be seen in the capital market. The foreign exchange reserves were under pressure which will enhance and the economic stability will be visible, he added.

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