Pakistan opens talks with IMF seeking more cash

Pakistan opens talks with IMF seeking more cash

Pakistan opened long-delayed talks with the International Monetary Fund on Wednesday, seeking the release of more funds from a $6 billion rescue package agreed in 2019 to help shore up the South Asian nation’s battered economy. Pakistan has already asked the IMF to increase the size and duration of its $6 billion programme, with foreign reserves falling as low as $10.3 billion so that they cover less than two months of imports, a widening current account deficit, surging inflation and a plunging currency. “Talks with the IMF mission started on Wednesday,” the Finance Ministry said in a statement, adding that Finance Minister Miftah Ismail and the acting central bank governor would join the talks virtually. A finance team has already headed to Doha for consultations with the IMF that are due to last until May 25 before the lender takes a decision, the ministry said. The rupee weakened to about $198.39 on Wednesday, the central bank said, a historic low that means it has lost almost a quarter of its value in the past year. The finance minister requested a bigger IMF package on a visit to Washington last month. Following that request, the IMF said Islamabad had agreed to