Pakistani officials and IMF representatives held an important meeting in the federal capital earlier in the day. The Pakistani delegation was led by Abdul Hafeez Shaikh and included three additional secretaries and a senior joint secretary from the Finance Ministry. Secretaries from the power and petroleum divisions, and the chairmen of the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan (SECP) also participated in the talks. In a brief conversation with journalists following the conclusion of the day’s talks, Abdul Hafeez Shaikh said initial negotiations were held with the IMF team, which was also briefed on the economic reforms.

The visiting IMF delegation, which arrived in Islamabad on Monday, is expected to conclude the technical details of the proposed loan by May 6. The proposed bailout package is expected to range between $7 billion and $8 billion. According to sources, Wednesday’s round of talks focused on briefing the IMF team on the tax amnesty scheme by the FBR, privatisation programme, power and gas tariffs and the government’s policies.