Web Desk (July 30, 2018): As economic crisis looms, Pakistan eyes to seek one of the biggest bailout packages in its history from Washington-based lender, the International Monetary Fund (IMF).
Citing official sources, the Financial Times reported that Pakistan plans to grab a $10-12 billion loan from the IMF. “The country was likely to need a loan of between $10 billion and $12bn — double the $5.3bn the fund lent to the country last time in 2013 — in what would be Pakistan’s 13th IMF bailout,” it reported.“We are in a rough area and need help. I can’t imagine we could do that without the IMF’s support,” stated the government advisor.
Earlier, Pakistan Tehreek-e-Insaf leader Asad Umar, who is pinned to be the next finance minister of the country, said that his party is analyzing all options, which includes approaching the IMF for bailout package. “No option, including IMF, is ruled out,” Umar said while talking to the media.
The agreement, if reached, will be the largest ever bailout Pakistan has ever obtained from the IMF.
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