Pakistan in final round of talks with IMF over bailout deal

ISLAMABAD – Pakistan and the International Monetary Fund are into their final round of talks over an $8 billion bailout package Islamabad seeks from the international lending agency to overcome the country’s economic woes.

Finance Minister Asad Umar acknowledged the two sides have differences and that the talks may not end on Tuesday.

Authorities say they are still at odds over electricity rate hikes, as well as interest rate hikes and tax collection targets, and that the IMF is looking for more than Pakistan’s new government feels it can manage.

Pakistan has been approaching the IMF since 1980s and received a $6.7 billion loan in 2013. It’s also seeking fresh loans from China, which has already heavily invested in transport and energy, as well as Saudi Arabia and some other Muslim countries.