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Bailout

ECC approves Rs17 billion support package for PIA

ISLAMABAD: The Economic Coordination Committee (ECC) on Monday approved a financial support package worth over Rs17 billion for the loss-making national entity Pakistan International Airlines (PIA). The approval came during a meeting of the ECC with Finance Minister Asad Umar in the chair The PIA is facing financial crunch and despite several bailout packages, the airlines has been unable to stand on its feet. On Oct 31, the Board of Privatisation Commission decided to remove Pakistan International Airlines (PIA)…

Pakistan holds first round of talks with IMF team on possible bailout package

ISLAMABAD: An International Monetary Fund (IMF) team on Wednesday held the first round of talks on a possible IMF bailout, even as Pakistan insisted it had solved its immediate balance of payments crisis. The talks were held in Islamabad between the IMF delegation and officials of the finance ministry on a "technical level". The government shared Pakistan's economic data with the IMF. The Fund has suggested Pakistan to cut its expenditures and increase tax returns. Sources said the talks would continue for two weeks.…

Pakistan gets a boost of confidence but IMF bailout still on the cards

ISLAMABAD: Finance Minister Asad Umar’s bullish comments declaring the end of an economic crisis have bolstered confidence ahead of crunch talks with the International Monetary Fund (IMF) on Wednesday, but the country is still likely to need a bailout. Asad Umar said on Tuesday that “Pakistan’s immediate balance of payment crisis is over” without mentioning the talks with the IMF in Islamabad. Umar’s comments came after Prime Minister Imran Khan visited main allies Saudi Arabia and China last month. Khan secured $6…

Asad Umar calls for practical steps to ‘break’ begging bowl

ISLAMABAD: Finance Minister Asad Umar on Tuesday reiterated the government will be obtaining an IMF bailout package for the last time to steer the country out of the current financial crisis.  Speaking on the floor of the National Assembly, the minister said Pakistan faces a trade deficit of $35 billion, causing depreciation of the rupee against the US dollar. Assailing the opposition PML-N, he said the budget deficit soared to 6.6 percent of the gross domestic product (GDP) during the previous government's term. Read…

Friendly countries ready to help Pakistan financially: report

NEW YORK: Friendly countries are ready to help Pakistan to steer it out of the current 'feeble' economic condition, reported Voice of America (VoA) on Monday (today). "China is ready to provide economic grant to Pakistan, while United Arab Emirates (UAE) is also mulling over to give package worth 6 billion dollars to Pakistan to strengthen its economy ", reads as report of the news channel. According to VoA foreign reserves of Pakistan have diminished up to eight billion dollars, adding that it requires 12 billion…

China backs Pakistan’s request to IMF for financial assistance

BEIJING: China has rebuffed the claim that the loans under China Pakistan Economic Corridor (CPEC) are responsible for the current financial situation of Pakistan.  At a regular press briefing in Beijing, Chinese Foreign Ministry’s spokesperson Lu Kang said Beijing has explained many times that the CPEC is being undertaken by the two governments with mutual consultations and contributions for shared benefits. He said that China supported the International Monetary Fund (IMF) in carrying out an objective and…

US says closely evaluating Pakistan’s plea for IMF bailout

WASHINGTON: The United States (US) has said it is closely examining Pakistan’s request for the International Monetary Fund (IMF) programme to address its economic challenges. Speaking at a press briefing, US Department of State spokesperson Heather Nauret said: “So we understand that Pakistan has formally requested assistance from the International Monetary Fund.” “In all cases, we examine that closely from all angles of it, including Pakistan’s debt position, in evaluating any type of loan program. This is something…

Pakistan to decide on over $12 billion bailout in 6 weeks: Asad Umar

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) leader Asad Umar, who is likely to be the next finance minister of the country, says the country’s economy may need more than $12 billion to fend off a looming financial crisis.   In an interview to a foreign media outlet, he said the country faces a financing gap of $10 billion to $12 billion. “The decision needs to be taken in the next six weeks, the further you go forward the more difficult, the more expensive the options become,” Umar said. Pakistan could turn to the…

US warns against IMF bailout for Pakistan that aids China

WASHINGTON: U.S. Secretary of State Mike Pompeo has warned that any potential International Monetary Fund (IMF) bailout for Pakistan’s new government should not provide funds to pay off Chinese lenders. In an interview with CNBC television on Monday, Pompeo said the United States looked forward to engagement with the government of Pakistan’s expected new prime minister, Imran Khan, but said there was “no rationale” for a bailout that pays off Chinese loans to Pakistan. “Make no mistake. We will be watching what the IMF…