After $8 billion loan from IMF, Pakistan seeks yet another huge loan worth $7.5 billion: Report

After $8 billion loan from IMF, Pakistan seeks yet another huge loan worth $7.5 billion: Report
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ISLAMABAD: Finance Minister Asad Umar has said that the IMF programme will facilitate the agreed financial support to Pakistan from the World Bank , Asian Development Bank and International Finance Corporation. H

e added that following the bailout package, World Bank will also extend $7.5 billion to Pakistan, making the total financial uplift to around $15 billion.

“International Finance Corporation and Asian Development Bank too will help in the same pattern,” he said.

Finance Minister Asad Umar said on Monday that Pakistan is all set to avail a bailout package from the International Monetary Fund (IMF) ranging between $6-8 billion.

Addressing a press conference after his return from New York, the finance minister said that Pakistan and IMF have signed a policy-level agreement and both sides have also exchanged copies of the agreement. He said that the agreement is about improvements in public sector enterprises, transmission and distribution system of electricity in public finance budget.

Talking about the meetings with IMF officials, the finance minister said that they did not ask anything about the China-Pakistan Economic Corridor (CPEC) as Pakistan had already shared the details of the project in October 2018. “When it comes to CPEC, we have nothing to hide about,” he said.

Responding to a question, the finance minister said that the IMF programme would not burden the inflation-hit masses. He, however, admitted that some unpopular decisions needed to be taken to stabilise the economy and those decisions might add a little burden to the people.

Economy