Pakistan prepared to say 'No' to IMF

Pakistan says it has no balance of payments crisis and has enough foreign exchange reserves.

KARACHI: Pakistan will not seek a new International Monetary Fund (IMF) programme, nor will it ask for an extension of the current one due to end on Sept. 30, because it has no balance of payments crisis and has enough foreign exchange reserves, a finance ministry official told Reuters on Sunday.

Pakistan is due to meet with IMF officials during the World Bank and IMF annual meeting in Washington from Sept. 23-25.

"There is no immediate threat to the balance of payment and our foreign exchange reserves position is comfortable enough," the official said, speaking on condition of anonymity.

"There is no crisis at hand that will call for an immediate action. But we will stay in close contact with the IMF."

Pakistan has been struggling since 2008 to keep its economy afloat with an $11 billion IMF loan. The programme was halted last August due to slow implementation of fiscal reforms and around $3 billion is left to be disbursed.