Pakistan's virtual talks with IMF likely from next week

Amid a reeling economic crisis and falling foreign exchange reserves, virtual talks between Pakistan and International Monetary Fund (IMF) are likely to commence next week, Geo News reported.

In order to complete its ninth review, which is lying pending from the IMF's side, Pakistan has sent an official email to the monetary body to look into the process, a senior official of the Finance Division said in a statement, according to the Pakistan-based news agency.

Citing a confirmation made to The news, Geo News reported that the official also stated the government has shared the basic contours of the upcoming round of talks with the IMF Mission Chief Nathan Porter.

While virtual conversations are set to begin on Monday, it is unclear if they would be formal or casual in nature. If official discussions begin, it will be a huge step forward, as informal talks have been ongoing for the past two and a half months.

Pakistan could sink deeper into the quagmire especially if the International Monetary Fund (IMF) programme is not resumed within the next few weeks, reported Al Arabiya Post.

The vicious grip on the economy gets complete as the exchange rate is primarily hit hard by a steep decline in the central bank's foreign exchange reserves, now shrunk to a near nine-year low of USD 4.34 billion.

( With inputs from ANI )