Pak seeks $11 billion bailout package from IMF, donors
   
Quotes

Pak seeks $11 billion bailout package from IMF, donors

Last Updated: Tuesday, July 2, 2013, 15:35
 
 Comment 0
 
Pak seeks $11 billion bailout package from IMF, donors
Islamabad: Cash-strapped Pakistan on Monday moved closer to securing a massive USD 11 billion economic bailout package from international donor agencies including the IMF, to revive the ailing national economy, media reports said.

After lengthy discussions between finance minister Ishaq Dar and International Monetary Fund (IMF) team led by Jeffery Frank, the two sides have reached closer to finalising USD 5.4 billion loan package, The Dawn reported.

In addition to the IMF assistance, Pakistan will also get a USD 5.6 billion loan from the Asian Development Bank and the World Bank as well as countries like Japan, US and UK.

The agreement with IMF will pave the way for additional money from the donor banks and countries and the "total volume of loan will be USD 11 billion," the paper said citing official sources.

Pakistan needs to meet tough conditions of the donor community before the money starts pouring in, including IMF's demand to reduce fiscal deficit to 4.5 percent from nearly 8 percent, increase power tariffs, withdraw subsidies, increase tax base and restart privatisation.

Some of the conditions, if met, will result in price hike and joblessness but the country will have to swallow the bitter pill to kick start the revival of the economy.

PTI



First Published: Tuesday, July 2, 2013, 15:35


Comments


comments powered by Disqus
Ford Figo Aspire
Ford Figo Aspire
Samsung Galaxy S6 Edge Plus, Note 5
Samsung Galaxy S6 Edge Plus, Note 5
Maruti Suzuki S-Cross
Maruti Suzuki S-Cross
Mahindra New Thar CRDe
Mahindra New Thar CRDe
New Generation Scorpio
New Generation Scorpio

Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved