'Pakistan, IMF have finalised bailout package'

Pakistan and the International Monetary Fund (IMF) have reached a bailout agreement and all the contentions have been resolved, Pakistan's Finance Minister Asad Umar said on Tuesday.

"We have reached an agreement and all the major issues have been settled and documented," Dawn quoted Umar as saying.

Defying reports that the IMF mission has rescheduled its visit to May, Umar said, "The IMF staff mission would visit Islamabad this month to conclude various technical tables that would then be shared with the National Assembly committee."

The exact size of the package is yet to be decided, however, the minister apprised that it would be between USD 6 billion and USD 8 billion.

Umar also rubbished reports that the IMF bailout is being delayed as the mission is concern about Chinese loans. "Such reports were unfounded and surprising because the fund had asked questions on the subject in October last year and all the details of the Chinese assistance were provided as the government felt there was nothing to hide."

If released, the IMF bailout would be of great help to the crisis-stricken country.

In October last year, Pakistan had formally requested the IMF for yet another economic assistance package.