*ISLAMABAD - The newly formed Economic Advisory Council has advised the federal government to utilise the IMF bailout package for stabilising the economy.*
*The government will be seeking a** bailout package from the International Monetary Fund.*
Prime Minister Imran Khan has given a green signal to obtain an IMF bailout package, media has reported.
The decision was taken after the consultation with the Economic Advisory Council. Asad Umar, the finance minister, said that the government will have to take tough decisions to fix the economy.
“We have no other option but to go to the IMF ,” Mr Umar said. “We will have to take a loan to support falling economy.”
Umar said the main purpose of the talks will be a “stabilisation recovery programme” to control the country’s economic crisis. However, he did not specify the amount Pakistan would seek.
Umar is expected to meet the officials of the World Bank and IMF during their annual meeting at Indonesia on Tuesday.