KARACHI - The International Monetary Fund (IMF), in a meeting with brokerage houses, has ruled out the possibility that it would deny Pakistan a bailout package under US influence.
“The IMF said it is ready to enter into discussion with Pakistan for a [possible] bailout package,” an economist of a leading securities brokerage house said after attending the meeting with IMF Resident Representative Teresa Daban Sanchez on Friday.
Another brokerage house economist said the meeting highlighted the limited voting power of the US (16.7%) for approving or disapproving Pakistan’s potential request to the IMF Executive Board for a new programme.
Replying to a question, Sanchez said the objective of establishing the IMF was to help nations come out of financial crisis so that the global economy kept on advancing.
“This is not possible, a patient is dying and doctors will not make efforts to save him,” a meeting participant quoted Sanchez as saying.
“The US may, however, influence the conditions on which loan may be given and the two sides [Pakistan and the IMF] may disagree on the conditions,” he said.