Pakistan to continue bailout talks with IMF

The Pakistan government has said that talks with the International Monetary Fund (IMF) on a bailout package will continue over the weekend as the two parties are yet to reach an agreement, the media reported on Saturday.

Late Friday night, the Finance Ministry said only that “we have made good progress in our discussions with the visiting IMF mission. Consultations will continue over the weekend”, Dawn news reported.

The talks were originally planned to conclude on Friday and the IMF mission had confirmed return flights to Washington D.C. late in the night. Those travel plans have presumably been modified.

An informed source said a steep monetary adjustment and fiscal realignments were the key sticking points holding back a final outcome and the IMF had not changed its stance since October last year.

The IMF delegation had arrived in Islamabad on May 1. The bailout package is likely to range between $7-$8 billion.