Pakistan to approach IMF for 6-7 billion dollars bailout

Oct 10, 2018, 07:37 IST | Agencies

The government took the decision after friendly countries did not bail it out even though Khan himself went to Saudi Arabia with a "begging bowl", the Express Tribune reported

Pakistan to approach IMF for 6-7 billion dollars bailout
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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.

The government took the decision after friendly countries did not bail it out even though Khan himself went to Saudi Arabia with a "begging bowl", the Express Tribune reported. Umar said talks with the IMF will start immediately as Khan approved the decision after consultations.

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IMF: Pak has not approached us
The International Monetary Fund said Tuesday Pakistan has not approached the body to begin negotiations for a possible bailout to stem a balance of payments crisis, hours after Islamabad announced it will enter talks. "We have not been formally approached yet," said Maurice Obstfeld, the IMF's top economist.

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