Bailout package: IMF team to meet Imran Khan today, says Hammad Azhar

Former federal minister for economic affairs Hammad Azhar announced Friday that a team from the International Monetary Fund (IMF) was set to meet with Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan today.   

Taking to Twitter, the PTI leader wrote: "PTI's economic team has been approached by the IMF to solicit the party's support for the USD 3 billion stand-by agreement and its broad objectives."

Azhar further said that an IMF team would meet with PTI chairman Imran Khan at his Lahore residence later today.

"An IMF team will call on party Chairman Imran Khan at Zaman Park this afternoon. Both PTI's economic team and the IMF team will join, in person and virtually, to take part in the discussions," he wrote.

IMF's statement

A statement from IMF's resident representative Esther Perez Ruiz confirmed that the Washington-based lender is seeking the support of all political parties — including PTI — for the recently-announced $3 billion bailout package.

"IMF staff are in the process of meeting with representatives of the major political parties in Pakistan, including PML-N, PPP, and PTI, to seek assurances of their support for the key objectives and policies under a new IMF-supported program ahead of the approaching national elections," Ruiz's statement confirmed.

She further stated: "As announced, the new SBA with Pakistan is expected to be considered by the IMF Executive Board in coming days."

Pakistan secured a badly-needed $3 billion SBA from the IMF on Friday, giving the South Asian economy a much-awaited respite as it teeters on the brink of default.

The staff-level agreement on the SBA is subject to approval by the IMF Executive Board, which is scheduled to meet on July 12.

The previous Extended Fund Facility expired on June 30, with the 9th, 10th, and 11th reviews pending.