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Pakistan not in rush to enter IMF deal: Finance Minister

ISLAMABAD: Finance Minister Asad Umar said Pakistan is in no rush to sign a deal with International Monetary Fund (IMF) to resolve its balance-of-payments issue, Radio Pakistan reported. In an interview with Saudi daily Arab News, the minister said “I have no urgency right now to get into an IMF program. We are in discussions . When we reach the (outlines) of a program which we believe is in the best interests of Pakistan’s economy, we’ll go ahead and sign that.” He added that financial assistance from friendly…

Saudi’s ‘biggest foreign investment’ package to be announced soon: Asad Umer

ISLAMABAD: Finance Minister Asad Umar on Thursday said that the incoming Saudi Arabia's bailout package, which appears to be the "biggest foreign investment in Pakistan's history", will be announced soon.  While addressing an event in the federal capital, Asad informed that the announcement related to the package will be made following the cabinet's approval. The minister added, every now and then, he is conveyed messages from Saudi Crown Prince Mohammad Bin Salman "through other people to hurry up" for the…

IMF warns trade tensions have worse hit to global economy

WASHINGTON: The impact of escalating trade tensions on global growth are worse than feared just one month ago, and threatened US auto tariffs could cut a large chunk out of the world economy, the IMF said Wednesday. Just last month, the International Monetary Fund warned of the dangers of the trade frictions -- notably between the United States and China, which have exchanged tariffs on hundreds of billions in products. But IMF chief Christine Lagarde said those headwinds "could have slowed momentum even more than we…

Govt not in hurry for IMF bailout package, says Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Wednesday said the government is not in hurry to obtain a bailout package from the International Monetary Fund (IMF) to boost the country's foreign exchange reserves. In an interview with Bloomberg, he said: “We aren’t in hurry. We are covered even if it delays for two months.” The minister said the bailout talks with the IMF will resume in a January meeting of its executive board. “We still want to have the program,” he said. “But we’re not in hurry to have it. It’ll ease…

‘Economic Advisory Council meeting to discuss IMF bailout conditions’

ISLAMABAD: Prime Minister Imran Khan will chair the meeting of Economic Advisory Council (EAC) today (Sunday), ARY News reported. According to sources, the meeting will discuss the progress of bailout talks with the International Monetary Fund and conditions laid out by the IMF. It is reported that PM Khan will take into confidence EAC experts regarding his recent visits to China, UAE, Malaysia and Saudi Arabia. The sub-committee of the council will also propose recommendations on the current economic situation of…

It’s necessary to approach IMF: Sheikh Rasheed

RAWALPINDI: Minister for Railways, Sheikh Rasheed Ahmed, on Wednesday said it was necessary to approach the International Monetary Fund (IMF) in the current circumstances, ARY News reported. Speaking to media here, Rasheed said the government was keeping national interest in view before agreeing to the conditions laid out by the IMF. He underlined that the Prime Minister Imran Khan’s visits to China, United Arab Emirates and Saudi Arabia were successful. The minister said the opposition’s hue and cry would not…

Finance Ministry says positive engagement with IMF to continue in coming weeks

ISLAMABAD: Following the concluding session with the International Monetary Fund (IMF) Mission, the Finance Ministry on Tuesday said that positive engagement with the IMF will continue over the coming weeks to finalise the program with the Fund. According to the Ministry of Finance, the IMF Mission during its stay in Pakistan, held extensive talks with the key ministries of the government of Pakistan, including the Ministries of Finance, Planning, Development & Reform, and Energy and the State Bank of Pakistan.…

Pakistan, IMF extend bailout talks after failing to reach agreement

ISLAMABAD: Pakistan has extended talks with the International Monetary Fund (IMF) after the two sides failed to agree on the terms of a bailout package, a finance ministry official said on Tuesday, with a final deal now expected by mid-January. Pakistan is negotiating its second IMF bailout since 2013 and talks were expected to conclude this month during a visit by an IMF delegation to Islamabad. Finance ministry spokesman Noor Ahmed said there were still some issues to be ironed out. “We have covered a lot of areas…

PTI govt grapples with an old problem: How to get people to pay taxes

ISLAMABAD: Muhammad Hammad Azhar, one of the youngest ministers in Pakistan’s new government, is the latest in a long line of officials to face a problem that undermines his country’s development: getting people to start paying income taxes. Ending a culture of rampant tax evasion is expected to be high on the agenda in negotiations this month with the International Monetary Fund (IMF) as cash-strapped Pakistan seeks a second bailout since 2013. As state minister for revenue, Azhar, 37, says he is planning for…

IMF calls for measures to address stunted growth, malnutrition

ISLAMABAD: A delegation of the International Monetary Fund (IMF) on Thursday visited the Benazir Income Support Programme (BISP) headquarters as part of their ongoing visit to Pakistan to assess the economical and financial challenges faced by the country. The IMF delegation was led by Harald Finger, Advisor and Team Leader and Ms. Taline Koranchilian Deputy Director Middle East and Central Asia, whereas BISP Chairperson Dr Sania Nishtar and Secretary Omar Hamid Khan along with senior management represented the BISP.…