South Asia News

Imran Khan government to approach IMF for bailout

 

The Imran Khan government in Pakistan has decided to approach the International Monetary Fund (IMF) for a bailout to address the mounting balance of payments crisis, Finance Minister Asad Umar announced.

Oct 9, 2018
ISLAMABAD: The Imran Khan government in Pakistan has decided to approach the International Monetary Fund (IMF) for a bailout to address the mounting balance of payments crisis, Finance Minister Asad Umar announced.
 
In a video message, the minister revealed that Prime Minister Khan had given the go-ahead to open talks with the Fund for a bailout programme after consulting economic experts and stakeholders.
 
"The prime minister... after consulting everyone decided today that we should open talks with the IMF," Umar said.
 
He said the country is going through a tough time, which has been left behind by the previous government. “We have to find a way to get out of this difficult situation.” Pakistan is likely to request the IMF for providing it $6 to $7 billion.
 
Sources within the Ministry of Finance informed Geo News that the IMF would demand that Pakistan reduce its non-development expenses to bring down the budget deficit.
 
They said the world organisation will also ask Islamabad to expand the tax net in the country. The sources added the IMF also wants Pakistan to decrease circular debts and losses in state institutions.
 
A Pakistani delegation led by the Finance Minister is to attend the annual meeting of IMF and World Bank in Bali, Indonesia, this week.
 
The meeting is taking place October 12 to 14.
 
A day earlier, reports surfaced stating that the government is in need of US$9 billion to fulfill the country’s fiscal needs.

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