ISLAMABAD (92 News) – Pakistan and the International Monetary Fund (IMF) have reached an agreement on the bailout package, revealed sources on Monday.
As per the agreement, the bailout package will be for three years and Pakistan will get US$6 billion under the agreement.
The bailout package will be signed this year. Finance Minister Asad Umar has returned from the US after holding meetings with high-ranking officials of the IMF, World Bank and US Treasury. He is likely to hold a meeting with Prime Minister Imran Khan.
After his return, Finance Minister Asad Umar said that the international organizations have appreciated Pakistan’s economic reforms. “A medium-term economic framework has been formed which has been shared with the prime minister and economic advisory,” he said.
Pakistan has already shared the draft of assets amnesty scheme with the IMF and Financial Action Task Force (FATF) and they have no objection over it. The IMF mission is expected to visit Pakistan by the end of the current month to pave way for the agreement.
Pakistan has decided principle to start IMF mission: Asad Umar
On April 12, Minister for Finance Asad Umar said that Pakistan had decided in principle to start IMF mission and the decision has been taken in the best interest of national economy.
Speaking to the journalists in US, the minister said that the programme with the International Monetary Fund (IMF) would soon be completed for Pakistan.
Govt is working on structural changes in economy
Asad Umar also said that the government is working on structural changes in the economy. He also said IMF program will bring improvement in the economy. He said IMF delegation will visit Pakistan in coming weeks to finalize technical details.
Trade activities in region to improve living standard of people
To a question, the minister said trade activities in the region will improve living standard of the people. He said Prime Minister Imran Khan expressed his desire to improve relations with India in his first speech and offered to enhance trade relations.
Free Trade Agreement with Turkey to be concluded soon
The finance minister said gas agreement with Turkmenistan
has been signed while Free Trade Agreement (FTA) with Turkey
will be concluded soon. He said Pakistan has been facing a crisis of balance of payments for a long time.
Govt approaches IMF due to PML-N, PPP
“We went to the IMF due to some previous wrong decisions. He said the Pakistan Muslim League-N (PML-N) and the Pakistan Peoples’ Party (PPP governments also sought IMF programs.
Asad Umar held important meetings with WB, IMF officials
Earlier, Asad Umar and his team held meetings with the World Bank and the IMF high-level officials on the sidelines of the scheduled annual IMF Spring moot.
Pakistani delegation led by Asad Umer has participated in IMF and WB Spring meetings in Washington and discussed the economic situation of Pakistan.
The finance minister’s delegation includes State Bank of Pakistan (SBP) Governor Tariq Bajwa
, Finance Secretary Younas Dagh
a, Economic Affairs Division Secretary Noor Ahmed
and others. The delegation reached the US capital on Tuesday evening and is expected to stay for two days.
On the sidelines of the meetings, the finance minister also met with the new World Bank President David Malpass
and apprised him of the macroeconomic situation in the country and discussed continuation of Pakistan’s ongoing engagement with the Bank.
Malpass appreciated the reform process in the country and assured continued World Bank
support. Asad Umer also met with the First Deputy Managing Director of IMF David Lipton
and talked about the ongoing negotiations with the IMF.
The finance minister had a business round-table with members of the US Pakistan Business Council
. The business council expressed their strong interest in Pakistan’s market and shared their future plans as well as issues where they needed support from the government.
Talking to the business council, Asad Umer said the present government is completely focused on improving the ease of doing business in Pakistan
. He further said Prime Minister Imran Khan is personally monitoring the reform process in this regard.
The delegation discussed various economic and development projects with the World Bank president, as well as with the Executive Director and Deputy Managing Director
of the IMF.