Pakistan To Take IMF Bailout Package By The End of April

During the briefing before the National Assembly’s standing committee on Finance, the Federal Minister for Finance Asad Umar said that the agreement with IMF has been finalized and reached a consensus.

Asad Umar told the Standing Committee on Monday that IMF team would arrive in Pakistan by the end of April, after their arrival the IMF package would be finalized, the IMF bailout package would consist of $6 to $8 billion.

The decision came after a high-echelon delegation led by Finance Minister Asad Umar met IMF, World Bank, and Asian Development Bank (ADB) officials in Washington D.C. According to the details, the IMF did not object on the asset declaration scheme proposed by Pakistan, they have also shared a draft of asset declaration scheme with the lender and Financial Action Task Force (FATF).

Asad Umar also said that the agreement with the IMF will also be shared with the standing committee during the next session. The Finance Minister also said that the World Bank and ADP have lauded the financial reforms in Pakistan and willing to support Pakistan after the IMF programme. Pakistan would see a change in the coming days with improvement in the capital market along with stabilizing foreign reserves and overall economic stability after the IMF programme, he added.

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