Pakistan's new government to hold talks with IMF for financial assistance
Pakistan`s new government has decided to open talks on financial assistance with the International Monetary Fund amid a mounting balance of payments crisis, the finance minister told local television on Monday.
"Today, it was decided that we should start talks with IMF” Finance Minister Asad Umar told GEO TV in an interview on Monday night.
He said the talks would be held "so that such a programme, a stabilisation, a recovery programme, on which basis we could overcome this financial crisis".
The country`s foreign currency reserves dropped by $627 million in late September to $8.4 billion, barely enough to cover sovereign debt payments due through the end of the year.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.