Pakistan May Not Ask For IMF Bailout Says PM
Pakistan May Not Ask For IMF Bailout Says PM: Pakistan may not have to approach the IMF for a possible bailout package, Prime Minister Imran Khan told journalists on Wednesday.
The premier said that the government is in contact with friendly countries to resolve the crisis. Khan’s remarks come a few days after Finance Minister Asad Umar met the IMF officials in Indonesia to seek a possible bailout package. On October 11, Christine Lagarde, the managing director and chairperson of the IMF, confirmed that she met Umar and State Bank Governor Tariq Bajwa.
An IMF team is expected to visit Islamabad in the coming weeks to discuss the package.
In a meeting with journalist bodies, Khan said that the people will witness a change in the next six months because of his government’s tough decisions.
He expressed concerns over recovery of billions of rupees from fake accounts. Khan remarked that the government wants to ease the burden on common people, and was paying special attention to education, health, and social sectors.
The PTI government welcomes criticism on its performance and believes in freedom of expressions. He also announced lifting 5% tax on newspapers’ printing and assured the journalist bodies that their other issues would soon be resolved.
Earlier, Pakistan has formally requested the International Monetary Fund for financial assistance. Christine Lagarde, the managing director and chairperson of the IMF, confirmed that she met Pakistani officials including Finance Minister Asad Umar and State Bank Governor Tariq Bajwa. An IMF delegation will visit Pakistan in the coming weeks to discuss a possible IMF support economic programme.
Finance Minister Umar said that the country has no choice but to go to the IMF. “We will have to take a loan to support the falling economy.” The minister said that Pakistan will have to make tough decisions to fix the economy.
For weeks analysts have warned that a new current account crisis could undermine Pakistan’s currency and its ability to repay billions in debts or purchase imports.
Pakistan has gone to the IMF repeatedly since the late 1980s. The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle an economic crisis. However, there are fears that the terms of any new loan will be more stringent than those in 2013, due to tense relations with the US, the lender’s biggest donor.
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