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Cash-strapped Pak close to ink deal with IMF, says finance minister

Press Trust of India  |  Islamabad 

Cash-strapped Pakistan's said on Monday said that was close to striking a deal to secure financial support from the IMF following Imran Khan's meeting with the global lender's in

Pakistan's close ally the UAE has offered USD 3 billion to support its fragile economy. committed USD 6 billion to as part of a bailout package to help shore up Islamabad's dwindling foreign currency reserves. also reportedly received financial assistance from

Addressing the and Industries in Peshawar, Umar said a deal with the IMF looks imminent and that there was a convergence of views between the two parties on the need to implement structural reforms in the country, reiterating Khan's remarks in the aftermath of the meeting Sunday, Geo TV reported.

"There has been a decrease in the difference we had with the IMF. The IMF has changed its position... It seems we have come closer to an agreement with the IMF. Insha'Allah (God willing) this will be the last agreement. This will happen when businesses grow," he was quoted as saying by the channel.

He stressed that Pakistan's economy would be lifted by its people, not by anyone coming from the outside. "If we take the right decisions the economy would rise. It is the responsibility of the business and trading community to put on the path towards progress."

"told the IMF that 'we want to sign on the package'," Umar added.

met in on Sunday on the sidelines of the 7th edition of the World Government Summit and discussed the conditions of the bailout package for his cash-strapped country.

After the meeting, said that the global lender stands ready to support Pakistan.

also tweeted about his meeting with Lagarde.

"There was a convergence of our views on the need to carry out deep structural reforms to put the country on the path of sustainable development in which the most vulnerable segments of society are protected," he said.

Although the government has secured a breathing space from Saudi Arabian and the UAE loans, an IMF programme is essential to unlock access to resources from other like the and the Asian Development Bank, as well as the global capital markets.

Officials have said that Pakistan would seek around USD 8 billion from the IMF which would be the biggest package by the

A team from the IMF visited Pakistan in November to discuss the bailout with officials, though the talks ended without agreement, but since then the said talks were still ongoing on a possible bailout.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 20:05 IST