The International Monetary Fund (IMF) has said its talks with Pakistan were continuing virtually for a fresh loan program to help the South Asian country stabilize its fragile $350 billion economy.
The IMF opened discussions with Pakistan on a new loan program after Islamabad completed in April a $3 billion program, which helped stave off a sovereign debt default. An IMF team, led by mission chief Nathan Porter, arrived in Pakistan on May 13 and held discussions on the new bailout for more than week.
“We made significant progress toward reaching a staff-level agreement on a homegrown program that can be supported under a new Extended Fund Facility (EFF) with the Fund,” IMF spokesperson Julie Kozack said at a press briefing. “Those discussions are continuing virtually.”
