ISLAMABAD – Finance Minister Asad Umar says a team of IMF will arrive inPakistan on seventh of next month to negotiate a loans program forPakistan.

Talking to newsmen in Islamabad today (Saturday), he said the governmentdecided to go to IMF after making consultations with friendly countries.

The Minister said the reforms being introduced by the government will nothave any negative effect on the poor.

He said special steps have been introduced in the finance bill for theexport sector in the finance bill. He expressed the government’s resolve toincrease exports to come out of the cycle of loans.

The Minister said stock market improved by 600 points with the announcementof going to IMF.

The Finance Minister said trade deficit increased due to rise in prices ofpetroleum products.

He said foreign exchange reserves have reduced to eight billion dollars. Hesaid rupee devalued against dollar by seven percent from April to Septemberthis year.

Meanwhile, talking to PTV on Saturday, Finance Minister Asad Umar said afinancial bailout package is mandatory for Pakistan in order to bridge the12 billion dollars financing gap being faced by the government.

He said going to IMF is one of the options being explored by the governmentwhich also includes contacts with friendly governments and tapping thepotential of other sources.

Asad Umar said the decline in stock market is not a unique phenomenon toPakistan. He said Pakistan stock market declined 9% since July while themarket of India slid to 13% due to a host of factors, including theinternational ones like trade war between China and US, renewed globalsanctions on Iran and economic situation of Argentina.

The Finance Minister said going to IMF sends positive signals to otherinternational financial institutions and they become more willing to helpthe economies in distress.