Pak says 'substantive progress' in talks with IMF on bailout

Cash-strapped Pakistan said on Tuesday that "substantive progress" was made with the visiting IMF delegation to develop understanding for financial assistance to address the balance of payment issue, amid reports that the global lender sought complete disclosure of Chinese financial support to the country and hiking of energy prices and levying more taxes.

The International Monetary Fund delegation led by Harald Finger visited Pakistan from November 7-20 and held extensive talks with officials after Pakistan formally applied the bailout package, the Finance Ministry said in a statement.

It said that the discussions covered all sectors of the economy, as Finance Minister Asad Umar chaired the concluding session with the IMF team on Tuesday.

"Substantive progress has been made by the Government of Pakistan and the IMF Mission towards developing a common understanding on the policy and structural reforms framework for the prospective IMF programme, including fiscal and monetary measures, corrective interventions for balance of payments sustainability, pro-poor spending, governance and development of a business-friendly environment," the ministry said.

The ministry further said that "positive engagement with the IMF will continue over the coming weeks to finalise the programme with the Fund."