IMF team to visit Pakistan on Nov 7: Asad Umar

IMF team to visit Pakistan on Nov 7: Asad Umar

ISLAMABAD: Minister for Finance Asad Umar on Saturday said a delegation of the International Monetary Fund (IMF) would visit Pakistan on November 7 to finalize terms and conditions for a bailout programme.

Talking to media persons here, the minister said the government’s decision to approach the IMF for the bailout package was the inevitable due to wrong economic policies of the past government causing enhanced current account deficit.

Minister of State for Revenue Hammad Azhar was also present on the occasion.

“At present, the total shortfall of the country's foreign exchange reserves is around $12 billion, which cannot be bridged through the IMF loan . The government will also utilize other sources for the purpose,” Asad Umar said.

He said during his meetings with the IMF officials in Bali, Indonesia, the two sides expressed the desire that it might be the last bailout package for Pakistan.

“We have sought the package only to get relief for the time being and run the country’s economic system smoothly,” he said. "Meanwhile, we will improve our capacity by gradually reducing trade deficit, increasing foreign remittances, improving tax revenues, and introducing other revenue generation measures in a bid to avoid the IMF packages in future”.