ISLAMABAD (National Times) Finance Minister Muhammad Aurangzeb flew to the United States along with a delegation on Sunday to initiate talks with the International Monetary Fund for a new loan programme.<\/p>\n\n\n\n
According to sources, negotiations between Pakistan and the IMF for a new bailout package will begin next week, with the country formally making a request to the global lender in this regard.<\/p>\n\n\n\n
There is also a possibility of a meeting between Finance Minister Aurangzeb and IMF Managing Director Kristalina Georgieva.<\/p>\n\n\n\n
Sources have indicated that members of the economic team would also participate in the annual meetings of the IMF and World Bank.<\/p>\n\n\n\n
Earlier on Thursday, IMF chief Kristalina Georgieva stated that Pakistan was in discussions with the IMF on a potential follow-up programme to its nine-month $3 billion stand-by arrangement.<\/p>\n\n\n\n
During an event at the Atlantic Council think-tank, Georgieva said that Pakistan was successfully completing its existing programme and its economy was performing somewhat better, with reserves now being built up.<\/p>\n\n\n\n
However, she expressed the need for Pakistan to address important issues.<\/p>\n\n\n\n
“There is a commitment to continue on this path, and the country is turning to the fund for potentially having a follow-up program,” Georgieva said, flagging issues that Pakistan still needed to address.<\/p>\n\n\n\n
“There are very important issues to be solved in Pakistan: the tax base, how the richer part of society contributes to the economy, the way public spending is directed, and of course, creating \u2026 a more transparent environment.”<\/p>\n\n\n\n
Pakistan and the IMF last month reached a staff-level agreement on the second and last review of the $3 billion stand-by arrangement, which, if cleared by the global lender’s board, will release about $1.1 billion to Pakistan.<\/p>\n\n\n\n
Before his departure to Washington, Finance Minister Aurangzeb met with Prime Minister Shehbaz Sharif on Friday and briefed him about his upcoming visit to the United States.<\/p>\n\n\n\n
The minister discussed his scheduled meetings with officials from the IMF, World Bank and other financial institutions with the premier.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD (National Times) Finance Minister Muhammad Aurangzeb flew to the United States along with a delegation on Sunday to initiate talks with the International Monetary Fund for a new loan programme. According to sources, negotiations between Pakistan and the IMF for a new bailout package will begin next week, with the country formally making a […]<\/p>\n","protected":false},"author":2,"featured_media":79930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-79929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","entry"],"yoast_head":"\n