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IMF package expected to be $6-8b: finance minister

April 15, 2019
IMF package expected to be $6-8b: finance minister

Finance Minister Asad Umar says the bailout agreement with the IMF is expected to be between $6-8 billion.

He was speaking to the media in Islamabad on Monday after his return from Washington.

Umar said the IMF package would ease off pressure from the country’s foreign reserves. He said that an IMF mission will visit Islamabad during the last week of April, which is when the bailout package amount will be finalised.

Related: Asad Umar says IMF negotiations to conclude in two days

The Office of the Resident Representative of IMF issued the following press statement on Monday, “The Pakistani authorities and IMF staff held constructive discussions during the IMF and World Bank spring meetings in Washington DC towards an IMF-supported program. At the request of the authorities, an IMF mission will be going to Pakistan before the end of April to continue the discussions.”

Umar visited Washington to hold a series of meetings with the IMF and World Bank as part of the IMF/World Bank Spring Meetings 2019. He and his team arrived in the US last Tuesday.

Umar meet the new head of the World Bank David Malpass and briefed him on Pakistan’s macroeconomic situation. They also discussed continuation of Pakistan’s ongoing engagement with the bank. Malpass appreciated the reform process in the country and assured continued World Bank support.

Related: World Bank assures Asad Umar of continued support for Pakistan

During his meeting, World Bank officials assured him of cooperation with Pakistan.  He also met officials of the IMF, including IMF First Deputy Managing Director David Lipton, and spoke about the ongoing negotiations with the IMF.

The finance minister also met members of the US Pakistan Business Council and assured them that the government is working to facilitate foreign investors. We are trying to make it easier for foreign companies to invest in Pakistan, he told companies like Facebook, Uber, Procter & Gamble, Coca Cola and Pepsico at a roundtable conference.

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