IMF delegation to arrive in Pakistan on April 29

International Monetary Fund Managing Director Christine Lagarde attends a thematic forum of the second Belt and Road Forum for international cooperation in Beijing, China, April 25, 2019. (Reuters)

• Pakistan expects $6-8 billion from the Fund to support its wobbling economy
• The country struggles from huge trade and current account deficits despite pledges from friendly countries

ISLAMABAD: A staff mission from the International Monetary Fund (IMF) will arrive in Pakistan on Monday for negotiations on a three-year bailout package, a finance ministry spokesperson said on Friday, just hours after a meeting between Prime Minister Imran Khan and IMF Chief Christine Lagarde ended in Beijing on the sidelines of the Belt and Road Forum.
“The IMF team will visit Pakistan starting April 29 to continue technical discussions for an IMF supported program,” said Finance Ministry spokesman Dr. Khaqan Najeeb.
He said negotiations for Pakistan will be led by Dr. Abdul Hafeez Shaikh, the newly appointed adviser to the Prime Minister on finance.
According to an official handout circulated by the foreign ministry after the Beijing meeting between Khan and Lagarde, the two sides had “agreed on the importance of the IMF program,” and decided to work toward an agreement, for which the IMF delegation is visiting next week.
Najeeb said that “extensive preparation for data... macroeconomic framework finalization and structural reforms” have been ongoing between Pakistan’s central bank, the Power and Gas Division, Privatiaztion Com­mission, Federal Board of Revenue and Benazir Income Support Program and would be shared with the IMF mission.
Under a three-year fiscal adjustment and stabilization program, successful conclusion of the talks would translate into a Federal Budget 2019-20 with additional resource mobilization of at least Rs500 billion.