Pakistan’s finance minister, Muhammad Aurangzeb, has arrived in Washington D.C. to participate in spring meetings of the International Monetary Fund (IMF) and the World Bank, Pakistani state media reported late Sunday.
The development came amid Islamabad’s efforts to reach a staff-level agreement with the IMF for a new loan program by the end of the current fiscal year in June. Pakistan successfully completed a final review of its current $3 billion IMF deal this month, clearing the way for the disbursement of a final tranche of nearly $1.1 billion.
However, the South Asian country remains in desperate need of external financing to shore up its foreign exchange reserves and escape yet another macroeconomic crisis. “During his stay in US, the Finance Minister will meet IMF and World Bank officials,” the state-run Radio Pakistan broadcaster reported. “Meetings with international media and think tank representatives are also included in the Finance Minister’s schedule.”
