Negotiations with IMF moving forward in a positive way: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance, Dr Abdul Hafeez Shaikh on Friday said negotiations with International Monetary Fund (IMF) are moving forward in a positive way to reach a programme that provides a platform for macro-economic development in the country.

Addressing the Investment Conference in Islamabad, Shaikh said,  “Agreement with IMF will send a positive signal to other international financial institutions as well as countries regarding Pakistan's commitment to fiscal discipline.”

He added that the upcoming budget will contain steps to address gaps in current account deficit and fiscal deficit for attaining sustainable economic growth.

“The government's measures have resulted in a reduction in imports and increase in exports and remittances,” Shaikh said adding that steps have also been taken to decrease expenditures and coordinated efforts are underway to increase revenue.

On Wednesday, Pakistan and the IMF held an important meeting in the federal capital.

In a brief conversation with journalists following the conclusion of talks, Shaikh said initial negotiations were held with the IMF team, which was also briefed on the economic reforms.

The visiting IMF delegation, which arrived in Islamabad on Monday, is expected to conclude the technical details of the proposed loan by May 6. The proposed bailout package is expected to range between $7-8 billion.