This paper presents a new analytical approach for designing multiloop PI controllers for disturbance rejection in multivariable processes with time delay. The proposed method is based on IMC-PID design approach. To overcome a sluggish load response by dominant pole in the process, the IMC filter is modified to compensate the dominant pole effect. Based on the modified IMC filter, an analytical tuning rule for multiloop PI controller is driven by extending the generalized IMC-PID method for single input/single output (SISO) systems [1] to multi input/multi output (MIMO) systems. Simulation results show that the proposed method gives a satisfactory load performance as well as servo performance in the multiloop system.