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Pakistan delegation to appeal for new multi-billion-dollar agreement with IMF during Washington visit

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Pakistan has initiated discussions with the global lender, International Monetary Fund (IMF), over a new multi-billion-dollar agreement to support its economic reform programme, stressing that the country will at least be appealing for a three-year programme, Dawn reported, citing Pakistan’s Finance Minister.

Finance Minister Muhammad Aurangzeb, on his visit to Washington, will attend the spring meetings organised by the IMF and World Bank, beginning on Tuesday.

Citing sources, ARY News reported that the negotiations between Pakistan and the IMF are scheduled for next week.

The Pakistani delegation consists of the Governor of the State Bank of Pakistan, the Secretary of Finance, the Additional Secretary, and other individuals.

The meetings will have two clear objectives, including, helping countries combat climate change and assisting the world’s most indebted nations.

The meetings, which bring central bankers together with finance and development ministers, academics, and representatives from the private sector and civil society to discuss the state of the global economy, will kick off with the IMF’s publication of its updated World Economic Outlook, Dawn reported.

Pakistan witnessed its general elections in February this year, marred by allegations of rigging with Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan in prison, barred from running elections, and his party subject to a crackdown, according to Dawn.

Later, the shaky coalition led by Prime Minister Shehbaz Sharif was tasked with dealing with an economic upheaval and bringing up measures to resolve it.

Last month, Pakistan and the IMF came to a staff-level agreement over the third and final review of the USD 3 billion standby arrangement.