Discussion on Pak bailout application to begin on Wednesday: IMF

The discussion on Pakistan's multibillion dollar bailout application would begin on Wednesday, the International Monetary Fund has said.

Last month, Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF.

"We expect those discussions to begin on November the 7th. An IMF staff mission will go to Islamabad and initiate discussions with the authorities," IMF Director of Communications Gerry Rice told reporters.

"The objectives of that program is to help stabilise the Pakistan economy, put in place the preconditions for sustained inclusive growth," Rice said, adding that the modalities of that would be announced once the IMF and Pakistan have reached a staff-level agreement.

Once it is reached, Rice elaborated that they would go forward to IMF Board for the formal approval of the program.