Foreign

Pakistan seeks multi-billion-dollar bailout from IMF

Published

on


Pakistan seeks multi-billion-dollar bailout from IMF


Pakistan

“Technical discussions for an IMF-supported programme have started,” said Khaqan Najeeb, a spokesman for the Finance Ministry.

The talks for the country’s 13th bailout package since the 1980s are scheduled to last for about 10 days.

A deal is likely to be signed in the second week of May.

The previous round of talks was held in November but remained inconclusive.

Pakistan is expecting a bailout package worth up to eight billion dollars, a senior Finance Ministry official said.

Fiscal and monetary policies, the exchange rate and privatisation of loss-making public-sector entities are up for discussion, among other issues, he said.

The economy of the country of 220 million people has been in crisis since Prime Minister Imran Khan took office in 2018 due to burgeoning fiscal and current account deficits and a huge dip in tax revenues.

The IMF team also met with new chief finance advisor Abdul Hafeez Sheikh, whose appointment was seen as a surprise since his predecessor quit immediately after finalising a deal with the IMF.

Former finance minister Asad Umer was criticised for delaying a decision to seek the bailout package.

https://nnn.ng/pakistan-seeks-multi-billion-dollar-bailout-from-imf/

Macron meets exiled Belarusian opposition leader in Lithuania CEO of Lufthansa subsidiary Swiss steps down Gymnastics: Getting back to fitness a challenge since COVID-19- Ocheke Lagos by-election won’t be an easy ride for APC- NRM Beijing reports no new COVID-19 cases Spain to extend COVID furlough scheme until January 2021 Nigeria @ 60: CLO calls for socio-economic justice for all Nigerians Hungary PM calls for resignation of EU Commissioner over ‘derogatory’ remarks Nigeria records 136 new COVID-19 cases, total cases now 58,460 United States-based Nigerian professionals reach out to the homeless   FOREX: CSOs urges CBN to ensure level playing ground for oil marketers Army pledges support to Borno govt relocation, resettlement of IDPs Durban to host historic 2023 ITTF World Table Tennis Racism: Call out a negative behaviour when you see it happening, Samoura says  Buhari salutes Adebayo Adelabu at 50 Serena digs deep to find way past Ahn into second round Don’t lose faith in us, TUC begs Lagos residents Why Nigeria must remain united — Akande   Lalong inuagurates Abuja-Jos Max Air flight Convoy Attack: Gov. Zulum meets families of fallen policemen Tanzania to introduce electronic budgeting system to reduce revenue loss Lawan, Gbajabiamila vow to break PIB jinx by ensuring its passage Lagos Assembly asks Sanwo-Olu to establish MSMEs hubs in 3 senatorial districts Osinbajo urges destination countries to insist on repatriation of illicit funds Kerber goes out early again in Paris World Contraceptive Day: Advocacy for family planning, a service to humanity — Official UN Women, UNDP inaugurate COVID-19 global gender response tracker SaudiArabia says it busted terrorist cell trained by Iran’s Revolutionary Guards Holding Company: Sterling Bank obtains CBN’s approval in principle PIB: Sylva dispels reports over alleged scraping of NNPC DISCO warns against vandalism of power infrastructure in Kano Defection: Delta APC says it will not miss former Delta Gov Uduaghan Niger Delta region has more than oil to offer- Agba Commission trains 100 saloon operators on COVID-19 hygiene in Lagos Delta Govt. to employ 40 pharmacists to bridge manpower gap NIS deploys 2,000 special force in Northwest   Tinubu salutes Gov. Oyetola at 66, applauds his achievements CDC Group, NSIA sign MoU to strengthen collaboration Minister flags off payment of N5,000 monthly cash transfer to poor households in Bayelsa World Rabies Day: Kebbi Govt vaccinates 17,200 dogs – Commissioner  COVID-19: Many would have died without journalists – Prof Dakas NBC pledges support to TStv, rolls out pay per view digital TV Oct. 1 National Theatre: Need for proper inventory responsible for delay of takeoff of renovation – Official BBNaija: Okowa congratulates Dorathy, Neo Federal University, Dutsinma seeks collaboration with ABU on agriculture, security NiMet predicts thunderstorms, cloudiness Tuesday to Thursday Nigeria @60: No social justice, religious and inter-ethnic tolerance – Ozekhome Food sufficiency: FG set to revitalise rice farms in Anambra Katsina State Govt. spends N18.80bn on water projects in 5 years Strike: NECA lauds FG, Labour for embracing dialogue