IMF, Pakistan fail to strike deal on bailout package

 

Washington/Islamabad:  Cash-strapped Pakistan and the IMF have failed to reach a staff-level agreement on a much-needed USD 1.1 billion bailout package aimed at preventing the country from going bankrupt.

After 10 days of talks here, discussions between the two sides remained inclusive, with the Washington-based global lender saying that discussions will continue virtually in the coming days.

Pakistan, whose foreign exchange has dropped below USD 3 billion, is in desperate need of financial assistance and a bailout package from the International Monetary Fund in order to avoid an economic collapse.