IMF says ‘considerable progress’ made in Pakistan talks

The IMF on Friday said progress was made during crisis talks with cash-strapped Pakistan, but no deal was announced as their delegation wrapped up an urgent visit to the country.

“Considerable progress was made during the mission on policy measures to address domestic and external imbalances,” the statement said.

“Virtual discussions will continue in the coming days to finalize the implementation details of these policies.”

Pakistan’s economy is in dire straits, stricken by a balance of payments crisis as it attempts to service high levels of external debt amid political chaos and deteriorating security.

The International Monetary Fund delegation landed in Islamabad last week to thrash out tough conditions that Prime Minister Shehbaz Sharif called “beyond imagination.”

The latest loan installment under an already agreed IMF bailout has been stalled for months, with the government pleading with friendly nations to help them avoid the painful demands of the global lender ahead of elections due later this year.