ISLAMABAD, Oct 28: German Foreign Minister Frank-Walter Steinmeier said on Tuesday that Pakistan urgently needed International Monetary Fund’s loan to avert an economic crisis and that European countries would come up with assistance after IMF’s involvement.

“I hope the decision is taken quickly. A loan in six months or six weeks will not help. It needs to come in next six days,” Mr Steinmeier said at a joint press conference with his Pakistani counterpart Shah Mehmood Qureshi.

Mr Steinmeier said Germany and some European countries were considering assistance for Pakistan, but they were unanimous that Pakistan should “first negotiate with IMF”.

Experts believe that IMF’s involvement would allay Europeans’ concerns about financial discipline.

He said negotiations would be speedily concluded, helping Pakistan overcome possible future economic difficulties.

Germany is assisting Pakistan in negotiations with IMF.

Mr Steinmeier also urged international community to assist Pakistan. “The international community needs to do what is required of it to do.”

The minister was here to assess priorities fixed by Pakistan ahead of the crucial mid-November meeting of ‘Friends of Pakistan’ in Abu Dhabi.

He said the possibility of setting up ‘a fund’ for bailing out Pakistan had been discussed with Pakistani leaders, adding that the matter would be discussed in detail in the ‘Friends of Pakistan’ meeting.

Mr Steinmeier said: “We intend to support Pakistan not only in fair weather, but also in stormy weather.”

Germany has decided to enhance Pakistan’s development assistance, but he refused to give any figures.

Foreign Minister Qureshi said he had sought Germany’s help in securing access to European markets for Pakistani goods and removal of anti-dumping duties and taxes. He said there was a consensus on upgrading bilateral relations for which he suggested regular meetings at foreign ministers’ level and initiation of strategic dialogue at foreign secretaries’ level.