Pakistani team leaves for US for new IMF bailout

A delegation led by Federal Finance Minister Muhammad Aurangzeb has left for the US to negotiate with the International Monetary Fund (IMF) for a new bailout package and to participate in the annual meetings of the Washington-based lender and World Bank.

According to sources, negotiations between Pakistan and the IMF will start next week.

Pakistan will submit a formal application to the IMF for the fresh loan programme.

The federal finance minister is also likely to meet with IMF Managing Director Kristalina Georgieva.

Besides, meetings are expected with other important international figures including other IMF and the US Treasury Department officials.