So, Pakistan is now back on the books of IMF. ![]()
Will the government now come up with fiscal policies, and let the nation know their plans for taking Pakistan out of the current crisis. Or will they continue with their silence on economy, as they have done since they came to power.? :teary3:
Pak formally seeks USD 9 billion IMF emergency aid-Pakistan-World-The Times of India
Pak formally seeks USD 9 billion IMF emergency aid
ISLAMABAD: Faced with dwindling foreign exchange reserves, Pakistan has formally sought a USD 9 billion emergency assistance from the International Monetary Fund, media reported here.
The Pakistan government has already sent a formal request to the IMF for USD 9 billion package to tide over the financial crisis, Dawn News Channel said quoting finance ministry sources.
To address serious concerns over balance of payment and to repay some maturing early next year, Pakistan is seeking immediate release of USD 4 billion.
The agreement with the multilateral agency is expected to be signed on November 20.
Pakistan is expecting to get a soft with repayment after a 15-year grace period and it hopes IMF will not ask it to adopt tough conditions.
Pakistan Prime Minister Yousuf Raza Gilani will soon convene a special meeting of his cabinet to discuss measures to address the country’s economic crisis, including the possibility of an aid package from the IMF.
Adviser to the Prime Minister on Finance, Shaukat Tareen who called on Gilani today "plan to present (a) nine-point agenda to meet the IMF conditions. These nine points include cutting government expenditure, banning imports of luxury items and bringing real estate, farm, and services under the tax net.
The of Pakistan’s forex reserves have fallen to USD 3.53 billion, less than the import bill of USD 3.81 billion for September. Reports have suggested the government could also default on repayment bonds maturing early next year.