Pakistan, IMF to continue talks today on critical subsidizing


Pakistan, IMF to continue talks today on critical subsidizing

A Pakistani official announced that the International Monetary Fund (IMF) and Pakistan will continue their discussions primarily on Monday in the hopes of reaching an agreement to access credit necessary to keep the impoverished country afloat.

The two failed to reach an agreement last week, and after 10 days of negotiations, an IMF delegation left Islamabad with the promise that negotiations would continue. Pakistan needs assets as it battles a spiralling financial emergency.

Money Secretary Hamed Yaqoob Sheik said that negotiations were still going on Monday in an instant message to Reuters, adding that the length of the discussions couldn't be determined but that they will be finished as soon as possible.

Agreement on a reform plan under the nation's $6.5 billion

 Pakistan and the IMF are set to resume negotiations today.

 [1], with the aim of reaching an agreement on a reforms agenda and unlocking much needed critical funding. 

[2] Talks centre around a $6.5 billion bailout programme. 

[3] which was entered in 2019, and are taking place virtually due to the ongoing pandemic. The country is in need of this funding as it's foreign exchange reserves held by the central bank have fallen to just $2.9 billion, barely enough to cover three weeks of imports . 

If the IMF and Pakistan can reach an agreement, it would still need to be cleared by the IMF board before the funding can be released .



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