Asad Umar, Finance Minister announced that the IMF team’s arrival in Pakistan is scheduled for 7 November for negotiating Pakistan’s loans program. The government took a decision to approach the IMF and said a bailout package from the IMF was unavoidable. He added that reforms won’t have negative implications for the poor.
He said specific steps for the exporting sector were implemented within the finance bill and emphasized that the government will increase the exports, to emerge from the loans-cycle. He stated that there was an improvement of 600 points in the stock market with the news that they will approach the IMF. The increased trade deficit was because of the rising prices in petroleum products, whilst the foreign exchange reserves decreased to $8-billion and the rupee against the dollar devalued by 7% since April – September 2018.