Pakistan excludes plans for new rescue operations with the IMF
KARACHI: Pakistan will not approach the IMF for a new bailout
package and is considering alternative options to tide over its
economic crisis, finance minister Asad Umar said on Saturday.
Umar said the Imran Khan led government had decided against entering into any new bailout programme with the IMF for now and was exploring other possible avenues to help Pakistan's struggling economy get back on track. Cash-strapped Pakistan was negotiating a $8 billion bailout package from the IMF to overcome a severe balance-of-payments crisis.
The government reached out to some "friendly countries" for economic assistance including Saudi Arabia, China and the UAE since Khan assumed office in August. Pakistan and the UAE finalised the terms and conditions of a $6.2 billion support package for Islamabad this month. Last month, UAE said it will soon give $3 billion to Islamabad.