Talks with IMF for bailout package to start soon: Pakistan Finance Advisor to PM Imran Khan

Abdul Hafeez Shaikh said that the deal was likely to happen as both the parties want to progress on the matter.

Published: 20th April 2019 07:28 PM  |   Last Updated: 20th April 2019 07:28 PM   |  A+A-

Pakistan Financial advisor Abdul Hafeez Shaikh

Pakistan Financial advisor Abdul Hafeez Shaikh (File| AFP)

By PTI

ISLAMABAD: Pakistan's newly appointed advisor to the prime minister on finance, Abdul Hafeez Shaikh said on Saturday that talks with the International Monetary Fund (IMF) to finalise a bailout package would be held soon.

Shaikh was appointed as an advisor on Friday following the abrupt resignation of finance minister Asad Umar after returning from the US where he held talks with IMF for a crucial multi-billion dollar bailout package for cash-strapped Pakistan.

Islamabad is seeking USD 8 billion from the IMF to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. Pakistan has so far received a total of USD 9.1 billion in financial aid packages from friendly countries like China, Saudi Arabia and the UAE during the current fiscal year.

Shaikh, who took charge of the Ministry on Saturday, said in a brief talk that he would take forward the talks with the IMF. "Both parties want to progress on the matter, and they have a commitment to us. I will be contacting the IMF mission head today evening," he said.

Shaikh also said that after holding initial talks with top officials of his ministry he realised that the next budget can be presented no earlier than May 24. He also said that he has already tasked the officials to prepare a medium-term strategy paper to move the country forward.

Shaikh was also expected to meet Prime Minister Imran Khan to discuss the economic situation and work out a plan to rebuild the shattered economy. His immediate task is to negotiate and favourable assistance package with the IMF and control inflation which cost his predecessor his job.

Stay up to date on all the latest World news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp