Finance Minister Asad Umar says talks with the International Monetary Fund (IMF) are in final stages.

Talking to media in Tarnol near Islamabad, he said the government will have further negotiations with the newly appointed IMF mission before reaching an agreement.

The Finance Minister said the new IMF Mission Chief for Pakistan has been nominated who is due to arrive in Islamabad on 26th of this month. He will hold meetings with Ministry of Finance and State Bank of Pakistan.

Asad Umar said after the annual meetings of World Bank and IMF in Washington next month, negotiations will be held with the IMF Mission for final agreement.

Replying to a question, the Minister made it clear that the agreement on deferred payment of oil was made with Saudi Arabia and not the UAE. However, he said three billion dollar deposit facility by UAE is in place and Pakistan has already received two billion dollars of it.