Finance Minister Asad Umar reveals details of $8 billion IMF bailout package for Pakistan

Finance Minister Asad Umar reveals details of $8 billion IMF bailout package for Pakistan
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ISLAMABAD - Minister for Finance Asad Umar Monday said Pakistan and International Monetary Fund (IMF) have reached at consensus on all outstanding issues to finalize the bailout package.

While briefing the National Assembly’s Committee on Finance, Revenue and Economic Affair here, he informed that the government expected that the IMF bailout package would give around US$ 6 to 8 billion.

The Committee was presided over by its Chairman Faizullah Kamoka. Asad Umar said that that IMF would finalize the bailout package for Pakistan during a visit of an IMF team due in Pakistan later this month. He said during his recent visit to Washington DC, the both sides were agreed in principle to finalize bailout package agreement.

Asad Umer said that there were not any guidelines and demands from IMF for any duties on electricity and gas. He said that government has no plan to increase the prices of electricity and gas in coming days.

He said “We would share full details and draft of the negotiation with IMF , to the committee for more proposals and guidelines from members and proposed that a sub- committee should be formed in this regard.

After the meeting, while talking to the media person, he said that IMF delegation would visit Pakistan by last week of April to further negotiate on bailout package.

He expect that after the successful negotiation with IMF , Pakistan would further get way out for more financial assistances from the World Bank , Asian Development Bank and big investors in United States.

He added that besides meeting with IMF , he also had meeting with different investors in Washington to open more avenues for economic stability and growth.

He said that IMF bailout package would give stability to foreign reserves and enhance the confidence of international financial institution.

He said that “we are facing the worst form of Balance of Payment crisis in our economic history, which is because of bad economic policies of past PML-N government”.

Asad Umer believed that after the bailout package from IMF , our economy would get stability and would move towards sustainable economic growth. Umar said he met with Financial Action Task Force (FATF) President Marshall Billingslea during the US visit, who assured him that any decision would be taken on technical grounds.

Pakistan will send a draft detailing its implementation on FATF's recommendations by today, he said. A delegation of FATF will visit Pakistan in the third week of May to review the implementation efforts.

Asad said, he also meet to meet Prime Minister Imran Khan and take him into confidence regarding the recent IMF bailout package talks.

While briefing the committee State Minister for revenue, Hammad Azher said the priority of the government was to broaden the tax net for increasing the revenues.

MNA Dr. Aisha Ghaus Pasha, Dr Ramesh Kumar Vankwani, Ali Pervaiz and Representative of Pakistan Federation Chamber of Commerce and official from Ministry of Finance also attended the meeting.

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