Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » World
1-min read

Pakistan Holds Talks with IMF Delegation Over Proposed Bailout Package

Pakistan is seeking $8 billion from the International Monetary Fund to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.

PTI

Updated:May 1, 2019, 5:20 PM IST
facebookTwitterskypewhatsapp
Pakistan Holds Talks with IMF Delegation Over Proposed Bailout Package
File photo of Pakistan's Prime Minister Imran Khan.

Islamabad: Senior Pakistani officials on Wednesday held technical discussions with a visiting IMF delegation for a bailout package to the cash-strapped country.

The talks will continue for about a week. Pakistan is seeking $8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.

With the generous Chinese assistance, Pakistan has so far received a total of USD 9.1 billion in financial aid packages from friendly countries during the current fiscal year.

Wednesday's talks came days after Prime Minister Imran Khan met IMF chief Christine Lagarde in Beijing.

The IMF delegation, which arrived in Islamabad on Monday, is expected to conclude the technical details of the proposed loan by May 6. The proposed bailout package is expected to range between USD 7 billion and USD 8 billion, Geo News reported.

The Pakistani delegation was led by Adviser to Prime Minister on Finance, Dr Abdul Hafeez Shaikh, and includes three additional secretaries and a senior joint secretary from the Finance Ministry.

Secretaries from the power and petroleum divisions, and the chairmen of the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan also participated in the talks.

Prime Minister Khan met IMF Director Lagarde on Friday last week on the sidelines of the second Belt and Road Forum in Beijing.

During the meeting, they agreed on the importance of the IMF programme for the country and reviewed the relationship between Pakistan and the global lender, the report said.

Khan had identified areas of reforms and initiatives being undertaken by his government to stabilise the economy, control inflation and achieve fiscal balance.

They also agreed on the need for a social safety net for vulnerable groups of the society.

"We discussed prospects for a comprehensive policy package and international financial support to help stabilise the economy of Pakistan, and also the need to strengthen governance and protect the poor," Lagarde said in a post after the meeting.

Pakistan wants the IMF to focus on the long-term structural reforms that help revive its economy instead of attaching conditions that would be difficult to implement.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results