ISLAMABAD - International Monetary Fund on Friday started consultations with the economic managers to find ways to take Pakistan out of deep troubled waters on economic front.   A team of the Fund, which is in the town on the government invitation, had an introductory briefing from the Finance Ministry. The Ministry sources said the visiting team would provide technical help to overcome Balance of Payments problem, being faced by Pakistan. Both the parties would also discuss medium-term budgetary plan. Pakistan is facing serious problems of twin deficits, current account and budget. The country's foreign exchange reserves have melted to the dangerous level and rising import bill is creating panic in the government circles. State Bank of Pakistan is only left with less than US$ 6 billion reserves. At a time when inflows are not up to the mark, the capital out flight is proving more lethal. Though Pakistan is trying hard to get some financial support from friendly capitals yet so far its efforts could not yield positive results. Foreign investment, which has remained an important source to bridge the gap between international receipts and expenditure, is declining due to political and security uncertainty. All plans to sell-off public entities are not being materialized due to the same reasons. The Government is also not getting positive response from international financial institutions like World Bank. It has requested the Bank for US $ 500 million Programme loan. A World Bank official last Wednesday said the Bank had decided not to give Programme loan until macroeconomic indicators showed some stability. The IMF has also not given letter of comfort for such loan, which is mandatory. Though Pakistan is not in the Fund Programme yet the Fund provides advice on all macroeconomic indicators. The Fund extends three types of assistance. It offers surveillance, financial assistance to those countries, which are facing balance of payment problems, and technical assistance. Technical assistance includes advice on macroeconomic indicators, taxes, monetary policy, exchange rate system and revenue administration. The Government has targeted 4.7 per cent budget deficit for financial year 2009. However, the world institutions are skeptic about it due to uncontrollable current expenditure. These institutions are asking from the Government to give them a road map for achieving the envisaged target. The Finance Ministry sources were hopeful that ten-day long talks with the Fund, might give a concrete road map to the economic managers to overcome all the challenges.