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IMF bailout

No plans of seeking loan from IMF as yet: Finance Minister

ISLAMABAD: Finance Minister Asad Umar has once again categorically denied plans of seeking financial assistance from the International Monetary Fund (IMF) as of yet. Addressing to the Chambers of Commerce Islamabad on Friday, the federal minister informed that government does not intend on taking any loans from the IMF until now and regarding ongoing talks with the IMF delegation, Umar said, “They are part of routine.” “However, if we need to approach IMF for a bailout then the talks that are taking place right now…

Pakistani economists discuss outside-the-box ideas to avoid IMF bailout

ISLAMABAD: Pakistani economic advisors discussed banning imports of luxury cars, smartphones, and cheese in a wide-ranging strategy session on how to avoid seeking a bailout from the International Monetary Fund (IMF), a senior government advisor said. While no decisions were made, the floating of radical measures to tackle Pakistan’s ballooning current account deficit by the newly-formed Economic Advisory Council (EAC) underscores the new government’s determination to avoid another IMF bailout. The EAC held its first…

Greece exits bailouts after biting austerity

After years of stinging austerity measures, Greece emerged on Monday from its third and last bailout, although officials warn the country still has a "long way to go". The European Union, the European Central Bank and the International Monetary Fund loaned debt-wracked Greece a total of 289 billion euros ($330 billion) in three successive programmes in 2010, 2012 and 2015. The economic reforms the creditors demanded in  return brought the country to its knees, with a quarter of its gross domestic product (GDP)…

Pakistan says US concerns about IMF bailout and China ‘totally wrong’

ISLAMABAD: Pakistan on Wednesday dismissed US concerns that any new International Monetary Fund (IMF) bailout for the South Asian nation would be used to repay Chinese debt as “totally wrong”. Pakistan’s economy has hit severe turbulence over the past year and most analysts expect the nuclear-armed nation to seek a bailout, either from the IMF or closest ally China, to avoid a currency crisis. Beijing has pledged $57 billion in loans for Pakistan as part of China’s vast Belt and Road initiative, deepening economic and…

IMF bailout on the cards for next government

ISLAMABAD: Pakistan's next government, to be chosen in a July 25 election, faces growing fears of a balance of payments crisis with speculation it will have to seek its second IMF bailout in five years, analysts say. The central bank is running down its foreign reserves and devaluing the currency in a bid to bridge a yawning trade deficit, and the winners of the July 25 election will have "limited time" to act, Fitch ratings agency said on July 2. Together, the economic challenges are "horrendous", said Dr Ashfaq…