Fund asked for $9b emergency assistance

ISLAMABAD (Agencies) - Faced with dwindling foreign exchange reserves, Pakistan has formally sought a $9 billion emergency assistance from the International Monetary Fund, reported a private TV channel, quoting Finance Ministry sources.

The government has already sent a formal request to the IMF for $9b package to tide over the financial crisis, sources said.

To address serious concerns over balance of payment and to repay some bonds maturing early next year, Pakistan is seeking immediate release of $4b. The agreement with the multilateral agency is expected to be signed on November 20.