ISLAMABAD: Pakistani Prime Minister Imran Khan will meet International Monetary Fund (IMF) chief Christine Lagarde in Dubai on Sunday for talks on issues which have held up bailout negotiations, a Pakistani minister said on Saturday.
Pakistan is seeking its 13th bailout since the late 1980s to deal with a current account deficit that threatens to trigger a balance of payments crisis, but talks have been delayed by difficulties in reconciling IMF reform demands with Islamabad's fears the push is too drastic and could hurt economic growth.
Information Minister Fawad Chaudhry told Reuters Khan will meet IMF Managing Director Christine Lagarde on the sidelines of the World Government Summit in Dubai.
"This will give us a chance to understand the IMF views and we will be able to give our version to (Lagarde)," said Chaudhry, who will accompany Khan to Dubai along with Finance Minister Asad Umar.
Chaudhry said Pakistan wants any agreed bailout package, which would be the country's second IMF bailout since 2013, to be the nation's last such economic rescue by the IMF.
Officials had expected talks to conclude in November but they have been delayed as Islamabad harbours concerns that the programme could derail the economy and Khan's plans for his term in office.
Pakistan has in the meantime sought financial assistance from Middle Eastern allies such as Saudi Arabia and the United Arab Emirates, who have loaned it in excess of $10 billion to ease the pressure on its dwindling foreign currency reserves.
"The problem is not the (IMF) deal, the problem is the condition attached to the deal," Chaudhry said.
"We don’t want conditions that hurt Pakistan’s growth prospects. We want a fair deal that can actually help Pakistan in the short term, without affecting our long-term economic goals."
The IMF talks come amid a worsening macroeconomic outlook, with growth expectations slashed for the current fiscal year to about 4 percent from 6 percent previously forecast.
On Saturday, Pakistan also revised its growth figures for the last financial year to 5.2 percent from a previously reported 5.8 percent, after a sharp cut in the figure for large-scale manufacturing, the statistics office said.
When the original estimate was reported in April by the government of Prime Minister Shahid Khaqan Abbasi it was hailed as the strongest growth in 13 years.
Before the revisions to last year's GDP figures, Pakistan's deficit to GDP ratio, estimated at 5.8 percent in 2017-18, was expected to hit 6.9 percent this year, according to IMF data.
Pakistan premier Khan to meet IMF chief Lagarde for talks on bailout
Pakistan premier Khan to meet IMF chief Lagarde for talks on bailout
- Khan will meet IMF chief on the sidelines of the World Government Summit in Dubai
- On Saturday, Pakistan revised its growth figures for the last financial year to 5.2 percent
Pakistan launches cashless Ramadan market in Islamabad to promote digital payments
- Pilot market allows shoppers to buy subsidized food using digital payments
- Initiative aims to improve transparency and public relief during Ramadan
KARACHI: Pakistan has launched a cashless subsidized Ramadan food market in the capital Islamabad, the interior ministry said on Wednesday, introducing digital payments for essential goods as authorities try to improve transparency and affordability during the Muslim holy month.
The facility in the G-6 Aabpara area allows citizens to purchase vegetables, fruit and staple food items at regulated prices without cash, part of a broader push toward digitizing subsidy delivery.
Ramadan bazaars, which are temporary and often state-supported markets, are set up across Pakistan each year to limit price spikes as demand rises during fasting hours and evening meals.
Ramadan is likely to start on Feb. 19 in Pakistan.
“The objective is to provide the public affordable and quality items. No negligence in public relief will be tolerated,” the interior ministry said in a statement.
Officials said the market will operate daily from 9 a.m. to 4 p.m. and includes private vendors under monitoring mechanisms to ensure goods are sold according to wholesale market rates.
Authorities also instructed administrators to strengthen cleanliness, security and complaint-handling systems and ensure price lists are prominently displayed.
Pakistan last year launched its first-ever cashless weekly market in Islamabad, but slow Internet speeds and patchy phone connectivity have hampered adoption among vendors and shoppers.
The government plans to turn Islamabad into Pakistan’s first fully cashless city, using QR-code payments to formalize retail transactions, reduce tax evasion and improve documentation in one of South Asia’s most informally run economies.
Pakistan relies heavily on cash, enabling widespread tax evasion and limiting financial transparency. Economists say expanding digital payments can raise government revenues, curb corruption, and make marketplaces safer for customers and traders.
Pakistan has increasingly experimented with targeted subsidies and digital systems to manage food affordability during Ramadan, when consumption rises sharply and lower-income households face pressure after years of high inflation.
Last week, Prime Minister Shehbaz Sharif launched a Rs38 billion ($136 million) Ramadan relief package, pledging direct digital cash transfers of Rs13,000 ($47) each to 12.1 million low-income families across Pakistan.
The government will distribute the relief package through bank accounts and regulated mobile wallet platforms, fully replacing the previous utility store-based subsidy model with a digital payment mechanism overseen by the State Bank of Pakistan.
