Islamabad, Thursday 11 October 2018: International Monetary Fund (IMF) chief Christine Lagarde has said Pakistan has formally requested for financial assistance.

In a statement, Lagarde said she met with Finance Minister Asad Umar, State Bank Governor Tariq Bajwa and members of their economic team.

“During the meeting requested financial assistance from the IMF to help address Pakistan’s economic challenges,” Lagarde said in the statement. 

The formal request follows an apparent 7 per cent central bank devaluation of Pakistan’s rupee currency on Tuesday.

Earlier today, Lagarde had said she would meet with Pakistani officials today with expectations that Islamabad will request a bailout of its shaky economy. “I’m assuming that there might be a programme request on their part, but that has not been discussed and we will explore that this afternoon,” she had told a press briefing.

Earlier today, World Bank in its latest report predicted that the economic condition of Pakistan is likely to remain unstable for the next two years and it needs investment and productivity-driven growth

. World Bank country director Illango Patchamuthu has said that Pakistan’s growth has to be driven by investment and productivity which will put it on a path to end the boom and bust cycle its economy faces. 02