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Reuters

Business

Gibran Naiyyar Peshimam

REVEALED: Progress made in imf pakistan talks on bailout programme imf official | Vintage Vibes

Pakistan International Monetary Fund Christian Schmollinger Islamabad

FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

Key progress has been made in talks on the revival of Pakistan's International Monetary Fund bailout programme, both sides said on Wednesday, with Islamabad expecting the lender to increase the size and duration of the 39-month, $6 billion facility.

The statements came as Pakistan's economy teeters on the brink of a financial crisis, with foreign exchange reserves drying up fast and the Pakistani rupee at record lows against the U.S. dollar as uncertainty surrounded the IMF programme.

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