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Government of Pakistan to formally seek IMF bailout today

Discussion in 'South Asia & SAARC' started by layman, Jun 29, 2013.

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  1. layman

    layman Aurignacian STAR MEMBER

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    [​IMG]

    ISLAMABAD: The government and the International Monetary Fund (IMF) on Friday entered into policy level talks over a new bailout package under an Extended Fund Facility (EFF) for Pakistan’s balance of payment support to repay international liabilities over the next three years.

    “We will be able to negotiate a fresh (IMF) programme at our terms Insha Allah. A formal request for a new IMF programme will be made on Saturday through a letter of intent (LoI)â€, said a senior government official who attended the talks.

    He told Dawn that the two sides had completed technical level discussions with all the stakeholders including finance ministry, Federal Board of Revenue and State Bank of Pakistan on post-programme monitoring of the previous IMF loan.

    The two sides also exchanged their assessment of the country’s latest economic and fiscal situation and future outlook on the basis of policy measures introduced through the federal budget approved by the national assembly on Thursday.

    “Today we have started policy level discussions and the talks (on a new programme) are on trackâ€, said the official. Pakistani side was led by Secretary Finance Dr Waqar Masood Khan and comprised senior representatives of the FBR and the central bank while the other side was led by IMF’s mission chief Jaffrey Franks.

    The official said the policy level talks would continue until July 2. “We have not faced any hurdle so farâ€, said the official when asked about some reports in media that talks had been suspended or facing deadlock.

    Responding to a question, the official said that Finance Minister Ishaq Dar would join the policy level talks on Sunday that would lead to wrapping of the about two-week long discussions. He said various aspects of the economic situation and fresh terms and conditions of the programme were being deliberated upon.

    The IMF mission is expected to return to Washington on July 3 and submit its assessment to the fund executive board.

    More Info
     
  2. Marqueur

    Marqueur Peaceful Silence ELITE MEMBER

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  3. Gessler

    Gessler BANNED BANNED

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    I thought it was Indian government that was gonna seek bailout...:frown:

    I was getting ready to have a mouthful on UPA but then, we have a sick neighbor who is taking
    away all our opportunities. Let them spank their own government while we watch eating popcorn:pop:
     
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  4. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    The title of the Thread Change from

    Govt to formally seek IMF bailout today

    To

    Government of Pakistan to formally seek IMF bailout today

    to avoid Confusion :haha:

    Carry on Fellows !!!
     
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  5. Keshav Murali

    Keshav Murali FULL MEMBER

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    How many times has Pak attempted this?
     
  6. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    Numerous Times, Stopped counting Long Back !!! :pop:
     
  7. Marqueur

    Marqueur Peaceful Silence ELITE MEMBER

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    Pak knows as soon as US n NATO exit from Af. the aid is going to dwindle rapidly ... i hope US uses its powers over IMF (for once for good) to allow very little money to pak ... just enough for survival.
     
  8. layman

    layman Aurignacian STAR MEMBER

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    Someone has to back them this time around, else their proposal is not able to convince IMF. They are already four times more than their limit.
     
  9. Cro

    Cro 2nd Lieutant FULL MEMBER

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    wow again, did they even payed the last debt?
    US will vote to give Pakistan amount that they asked for, because they fear that Pak government my collapse and extremist my take over if thy don't.
     
  10. Skull and Bones

    Skull and Bones Doctor Death Staff Member MODERATOR

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    The usually take loan to pay back their previous loan.
     
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  11. Cro

    Cro 2nd Lieutant FULL MEMBER

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    [​IMG]
     
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  12. Gessler

    Gessler BANNED BANNED

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    Crazy fellows. It's a never-ending cycle of take & repay that they're getting themselves into...
     
    Last edited: Jun 29, 2013
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  13. Skull and Bones

    Skull and Bones Doctor Death Staff Member MODERATOR

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  14. Himanshu Pandey

    Himanshu Pandey Don't get mad, get even. STAR MEMBER

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    this is new type of Jehad... take all the money from Infidels and then go for default... it will ruin their economy.
     
  15. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    they need this loan to pay off the upcoming installments of previous LOANS
    that's why experts are calling it circular debt cycle of Pakistan
     
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