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PTI government announces to approach IMF for bailout

PTI government announces to approach IMF for bailout
October 8, 2018
ISLAMABAD (92 News) – The PTI government has announced to approach the International Monetary Fund (IMF) for a bailout. In a statement on Monday, Finance Minister Asad Umar said that economic resumption is not an easy task. “The nation understands the difficult economic conditions. It is our priority to come out of economic crisis successfully,” he said. The minister said that the government will utilize more than one options to come out of the difficult situation. “Consultations are going with friend countries for the restoration of economy. We have also consulted economic experts in this regard,” he added. The minister said that they had decided to start talks with the IMF. “We want such program which will affect the poor least,” he said. He added that they do not want to change the party’s basic manifesto to overcome the economic crisis. Asad Umar said that the nation has always faced difficult conditions successfully. “Each outgoing government left an economic crisis for the coming government,” he added. The minister said that they want to stabilize the economy on permanent basis. He will leave for Indonesia to hold talks with the IMF delegation soon. On the other hand, the IMF has put 20 conditions to give the bailout. The conditions include a decrease in the rupee value and an increase in the dollar rate. After an increase in the price, the dollar price will touch Rs 150. The IMF has also demanded an increase in the prices of electricity and gas. It is expected that the power rate will touch Rs 21 per unit.
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