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IMF chief, Pakistan FM meet as Islamabad seeks bailout

AFP  |  Nusa Dua (Indonesia) 

IMF met with Pakistani officials Thursday and said a team would visit for talks on a possible bailout of its shaky

Asad Umar, who is attending the Fund's annual meeting in Bali, announced earlier this week that the government would seek talks with the IMF on a "stabilisation recovery programme".

earlier Thursday said the IMF had yet to receive anything formal from but that she would meet with the Pakistani delegation in

"During the meeting, they requested financial assistance from the IMF to help address Pakistan's economic challenges," said in a statement.

"An IMF team will visit in the coming weeks to initiate discussions for a possible IMF-supported economic programme." on Wednesday vowed to steer the country out of a looming balance-of-payments crisis, saying it needs USD 10-12 billion.

"We will get out of this. I will take (the country) out of this," he said.

Khan's new administration took office in August vowing to weigh up whether to seek an IMF bailout as it sought other avenues of financing.

He has sought loans from friendly countries, promised to recover funds stolen by corrupt officials, and embarked on a series of populist austerity measures.

But help has been in short supply and economists' warnings have grown increasingly urgent.

has gone to the IMF several times since the late 1980s. The most recent was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis.

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

First Published: Thu, October 11 2018. 15:50 IST