IMF and Pakistan Officials Scheduled to Meet Today As Govt Seeks Monetary Bailout
Christine Lagarde, the chief of the International Monetary Fund (IMF), said that she will be discussing matters with the Pakistani officials on Thursday, and expects Islamabad to request a bailout for the country’s economic crisis. IMF and Pakistan are scheduled to hold talks today (Thursday).
Finance minister Asad Umar, who will be attending the IMF’s annual meeting in Bali, announced that the government will be seeking talks with the fund this week on a “stabilization recovery program”.
Lagarde also said the IMF has yet been able to receive anything formal from Islamabad, however she will still go meet up with the Pakistani delegations, along with other IMF officials on Thursday afternoon.
“I’m assuming that there might be a program request on their part, but that has not been discussed and we will explore that this afternoon,” she said.
On Wednesday, the Prime Minister of Pakistan, Imran Khan vowed to eliminate the economic crisis out of the country, and said it only needs $10-12 billion to fix it.
“We will get out of this. I will take (the country) out of this,” he said.
PM Imran’s new government took control of the office in August, and vowed to decide whether to seek an IMF bailout as tried to find other sources of financing the country.
Although the Prime Minister has requested loans from friendly countries and promised the residents that he will recover the funds that were stolen by corrupt officials, financial help is in short supply. While being embarked on a series of populist austerity measures, the economists’ warnings for Pakistan has grown increasingly urgent
Pakistan has been a regular for IMF as it has been seeking bailouts several times since the late 1980s. The recent one being in 2013, when Islamabad took a $6.6 billion loan to tackle a similar crisis.