Pakistan’s finance minister Asad Umar has said on Monday that negotiations with the IMF (International Monetary Fund) have reached to the final stage with settling almost all issues relating to the bailout package.
According to ANI news reports, the finance minister has also noted the discussion held were to resolve the issues relating to the sequence and timing of the inking of a deal with the IMF.
While addressing media after the launch of the SBP’s electronic money institutions (EMIs) regulations, Umar was quoted by Geo News as saying, “We are very close to each other and there is no fundamental difference.”
Uman said, “Similarly, the main issue of how to reduce current account deficit had also been sorted out. Now there was no issue with unbridgeable differences.”
Umar said the IMF programme usually lasted for three years and would distribute loan to the country in three different tranches.
He added, “If the IMF sanctioned USD six billion packages, Pakistan would get USD two billion during the current year and in case USD nine billion, it would receive USD three billion as the first tranche.”
After the Pakistani government ink an agreement with the IMF, Islamabad would be able to receive additional funds from the foreign bond market.