Pakistan News Service

Wednesday Oct 24, 2018, Safar 13, 1440 Hijri
Logo
LATEST :
Pakistan News Home -> Top -> News Details

Pakistan formally requested for financial assistance: IMF

12 October, 2018

  Related News  
Imran Khan launched Naya Pakistan Housing Programme
Dollar shot up to RS 138
  More on this View All

International Monetary Fund (IMF) chief Christine Lagarde on Thursday said Pakistan has formally requested for financial assistance.

In a statement, Lagarde said she met with Finance Minister Asad Umar, State Bank Governor Tariq Bajwa and members of their economic team. “During the meeting, they requested financial assistance from the IMF to help address Pakistan’s economic challenges,” she said in the statement. “An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme,” she added.

The formal request follows an apparent 7 per cent devaluation by the central bank of Pakistani rupee on Tuesday.

Earlier in the day, Lagarde had said she would meet with Pakistani officials with expectations that Islamabad will request a bailout of its shaky economy. “I’m assuming that there might be a programme request on their part, but that has not been discussed and we will explore that in the afternoon,” she had told a press briefing.

Finance Minister Asad Umar had announced earlier this week that the government would seek talks with the IMF on a ‘stabilisation recovery programme’.

If a package is agreed, it would be Pakistan’s 13th IMF bailout since 1988. The Fund lent Islamabad $6.7 billion in 2013. At a news briefing on Tuesday, IMF Chief Economist Maurice Obstfeld had outlined the economic challenges that Pakistan was currently facing and also commented on its ability to finance itself.

Asked how would the IMF react to Pakistan’s request for an emergency bailout package, he said, “As with any member in good standing, they are certainly entitled to request financial support from the Fund. So, we will be listening very, very attentively when and if they come to us.”

 What do you think about the story ? Leave your comments!

Heading (Optional)
Your Comments: *

Your Name:*
E-mail (Optional):
City (Optional):
Country (Optional):
 
 
Field marked(*) are mandatory.
Note. The PakTribune will publish as many comments as possible but cannot guarantee publication of all. PakTribune keeps its rights reserved to edit the comments for reasons of clarity, brevity and morality. The external links like http:// https:// etc... are not allowed for the time being to be posted inside comments to discourage spammers.

  Speak Out View All
Military Courts
Imran - Qadri long march
 
Candid Corner
Exclusive by
Lt. Col. Riaz Jafri (Retd)
Pakistan itself a victim of state-sponsored terrorism: Qamar Bajwa
Should You Try Napping During the Workday?
Suggested Sites