Pakistan has said it would approach the IMF for a bailout package of $6 to 7 billion to address the mounting balance of payments crisis faced by the cash-strapped country. Finance Minister Asad Umar on Monday said Prime Minister Imran Khan has endorsed the decision to seek assistance from the International Monetary Fund (IMF).

"After taking into account the current situation and consultation with leading economists, the government has decided to approach the IMF for a bailout programme," Umar said Pakistan is likely to request the IMF to provide it $6 to 7 billion, Geo News reported.