Pakistan To Approach IMF For A Bailout Package Of USD 6 To 7 Billion
The Finance Minister of Pakistan said that soon Pakistan will be approaching the International Monetary Fund for a bailout package of USD 6 to 7 billion to address the mounting balance of payments crisis faced by the cash-strapped country.
On Monday, the Pakistan’s Finance Minister, Asad Umar stated that the Prime Minister Imran Khan has endorsed the decision to seek assistance from the International Monetary Fund.
He also went on saying that after taking into account the current situation and consultation with leading economists, the government has decided to approach the IMF for a bailout programme.
Pakistan is likely to request the IMF to provide it USD 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.
Adviser to the Prime Minister on Commerce Razak Dawood said that it was awful to beg from Saudi Arabia.