*ISLAMABAD – A team from the International Monetary Fund concluded itsvisit to Pakistan Tuesday, the government said, adding that “substantiveprogress” had been made but talks will continue on a possible bailout.*
The IMF mission held “extensive talks” with Pakistani officials during thevisit, which began on November 7, the finance ministry said in a statement.
“Substantive progress has been made by the government of Pakistan and theIMF Mission towards developing a common understanding on the policy andstructural reforms framework for the prospective IMF programme,” thestatement continued.
“The positive engagement with the IMF will continue over the coming weeksto finalize the programme with the Fund.”
Pakistan — which has gone to the IMF repeatedly since the late 1980s — isfacing a widening balance of payments crisis.
But earlier this month finance minister Asad Umar said that unspecifiedassurances from China — combined with a pledge made by Saudi Arabia inOctober — meant that Pakistan’s immediate fiscal woes were “over”.
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Riyadh pledged $6 billion in funding and struck a 12-month deal for abalance of payments lifeline during a visit by Prime Minister Imran Khan.
No further announcement has been made about any Chinese assistance.
Despite the pledges, Pakistan has said it will still seek broader IMFsupport for the government’s long-term economic planning.
In his statement, Umar said the reforms discussed included “fiscal andmonetary measures, corrective interventions for balance of paymentssustainability, pro-poor spending, governance and development of abusiness-friendly environment”. – APP/AFP
