Pakistan

Pakistan reaches agreement with IMF on bailout package: sources

ISLAMABAD: Pakistan has reached an agreement with the International Monetary Fund (IMF) on a three-year bailout package, sources.

According to details, Finance Minister Asad Umar has returned from the US after holding meetings with high-ranking officials of the IMF, World Bank and US Treasury.

Sources say that Pakistan has already shared the draft of assets amnesty scheme with the IMF and Financial Action Task Force (FATF) and they have no objection over it.

The IMF mission is expected to visit Pakistan by the end of the current month to pave way for striking staff-level agreement for $10 to $12 billion bailout, according to a recent newspaper report.

A top official of the Pakistan economic team told The News Saturday night that the mission would be visiting Islamabad by the end of the ongoing month and final dates would be worked out in the next few days.

The official said differences between the two sides had narrowed down and a consensus on macroeconomic and financial policy framework was expected on the basis of which the conditions and performance criteria would be finalised.

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