Pakistan to take $12 IMF bailout package to overcome economic crisis: Asad Umar

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Pakistan to take $12 IMF bailout package to overcome economic crisis: Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Tuesday revealed that Pakistan would take bailout package worth upto $12 bln from International Monetary Fund (IMF) to ‘restore confidence of investors in the market’.
In an interview, Umar revealed that Pakistan would get aforementioned amount for span of three years under IMF’s extended credit facility. “IMF’s delegation would arrive in Pakistan on November 7. Besides bailout package, Pakistan would acquire another $5 billion from Asian Development Bank (ADB) and World Bank (WB)”, Umar said.
“Pakistan will put forward all-inclusive plan before IMF’s delegation. We [federal govt] aren’t taking all initiatives on directives of international monetary body”, Umar told Khan.
On plummeting value of Pakistani rupee (PKR) against greenback, Umar stated that currencies of all regional countries including India are shedding values as Trump continues to expedite economic war.
“Current economic quagmire has emanated from the widening current account deficit. However, economy is heading towards stability. God willing, this IMF’s bailout package would be last in the Pakistan’s history”, claimed finance minister.
“Exchange rate shouldn’t be determined on political basis. Rather, State Bank of Pakistan should determine exchange rate on basis of country’s economic condition”, professed Umar.
Responding to a question, Asad revelaed that gas tariff was hiked on recommendations of Oil and Gas Regulatory Authgority (OGRA).

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