IMF team to visit Pakistan in June

An IMF team is planning to visit Pakistan next month to hold discussions with the post-election new government on financial aid and how to bail out the country from its impending economic crisis."A staff team is planning to visit Islamabad in late June to continue the policy discussions on mitigating economic vulnerabilities in Pakistan," International Monetary Fund spokesman Gerry Rice told reporters here.

The IMF spokesman was responding to questions on the post-election scenario and how the IMF is planning to help Pakistan address its economic woes.

Last month, a team of senior Pakistani officials were in Washington to hold meetings with IMF officials on the sidelines of the annual spring meeting of the IMF and the World Bank."Discussions there centered around the difficult economic challenges facing Pakistan, and our urging of the authorities to begin taking the necessary actions to help stabilise the economy and lay the groundwork for future growth," Rice said in response to a question."There has been no formal request for a programme from the Pakistan authorities," he said, refuting news reports that IMF has promised a financial aid of $5 billion after elections are over.

A big IMF debt repayment is due this month, which would further deplete the country's fast-reducing foreign reserve.

According to Asian Development Bank, Pakistan requires $6-9 billion to avoid a balance of payments crisis.

Pakistan will hold its general elections tomorrow to choose a new government.