Finance Minister Asad Umar on Saturday has said a team of IMF will arrive in Pakistan on 7th of next month to negotiate a loans program for Pakistan.  

Talking to media in Islamabad today, he said the government decided to go to IMF after making consultations with friendly countries.

Approaching the International Monetary Fund (IMF) for a bailout package was unavoidable and that he never said the government would not approach the Fund, he further added.

The minister said the reforms being introduced by the government will not have any negative effect on the poor.

He said special steps have been introduced in the finance bill for the export sector in the finance bill. He expressed the government's resolve to increase exports to come out of the cycle of loans.

Asad said stock market improved by 600 points with the announcement of going to IMF.

The finance minister said trade deficit increased due to rise in prices of petroleum products.

He said foreign exchange reserves have reduced to eight billion dollars. He said rupee devalued against the dollar by seven per cent from April to September this year.