International Monetary Fund's five-member special delegation reached Islamabad to advise the PPP led government on ailing economy that is showing all major indicators on negative side especially twin deficits. A senior official at Ministry of Finance told The News on Friday that Pakistan was preparing macro-economic framework for five year 2008-2013 envisaging fiscal deficit, monetary policy, and balance of payment (BoP). The IMF technical assistance mission will give advice to the government on macroeconomic framework, which is in the preparation process and Islamabad's economic managers are working on it. “The IMF mission will stay in Pakistan for 11 days up to September 23, 2008 in which they will hold meetings with all economic ministries and State Bank of Pakistan,” said the official. Pakistan's foreign currency reserves are depleting rapidly as it declined by almost $1.2 billion in last one month - $300 million on per week basis. If the Saudi Oil Facility (SOF) delays for more periods then there will be no other option but to pick up the begging bowl again for getting rescue package from the IMF. The five-member delegation will be headed by Juan Carlos Di Tata and it will stay for almost 10 days in Pakistan to assess the country's situation in details and advice the government remedial measures to come out from the economic mess. “It is unusual mission of the IMF as it is not routine visit of the Fund authorities for holding consultation under Article IV,” said a senior official at Finance Ministry on Friday. “The aim of this ongoing mission is to work out advice for the incumbent regime to tackle appalling economy,” said the official.
