Islamabad requests for IMF assistance

THE International Monetary Fund has asked Pakistan to change its policy to address ongoing financial crisis, reported a private TV channel on Thursday, quoting IMF Managing Director Dominique Strauss-Kahn.

The Fund has asked Hungry, Ukraine, Iceland and Pakistan for policy changes to address the crisis, he said in a statement.

He further said Pakistan would borrow from IMF under short-term liquidity facility. He was hopeful that Fund’s programme would help Pakistan overcome its fiscal problems.

Pakistan has requested financial assistance from the IMF and talks on the loan programme will begin in the next few days, said Dominique, adding, “A Fund’s mission will begin discussions with the authorities within the next few days on the programme aimed at strengthening economic stability and enhancing confidence in the financial system.”

He stated that the amount of fund financing under a stand-by arrangement was yet to be determined, adding that financing could be made within the framework of the Fund’s emergency financing mechanism.