New finance minister says Pakistan will seek a long-term IMF loan to stabilize the economy

ISLAMABAD (AP) — Pakistan’s newly appointed finance minister says the country plans to seek a long-term loan from the International Monetary Fund to help stabilize the country’s ailing economy after the end of the IMF’s current $3 billion bailout package. Finance Minister Muhammad Aurangzeb plans to meet with IMF officials in Washington in April. He did not specify the amount that Pakistan would seek in comments to reporters in the capital, Islamabad. However, officials previously have said Pakistan wants to get up to $8 billion from the IMF over three years. Cash-strapped Pakistan has been facing one of its worst economic crises since last year amid fears the impoverished Islamic nation could default on its payment of foreign debt.