Latest IMF bailout package to be the last one: Asad Umar

October 22, 2018 (MLN): In an attempt to regain investors’ trust and to restore their confidence, Finance Minister Asad Umar assured the Stock Brokers Association at Pakistan Stock Exchange (PSX) on Saturday, that the latest loan from the International Monetary Fund (IMF) will be last the one.

He told that in his meetings with the IMF officials in Bali, Indonesia, the two sides had expressed their desire for this bailout package to be the last one for Pakistan.

Speaking at a ceremony at PSX, he disclosed that an agreement with the Fund is expected to be made official by the end of the ongoing year.

He further apprised that an IMF delegation will visit Pakistan on November 7, 2018 in order to settle the terms and conditions for a bailout programme.

“At present, the total shortfall of the country’s foreign exchange reserves is around $12 billion, which cannot be bridged through the IMF loan. The government will also utilize other sources for the purpose,” Asad Umar said”

Addressing the general concern within the masses he said that the package has been sought to get temporary relief and to run the company’s economic system smoothly. “Meanwhile, we will improve our capacity by gradually reducing trade deficit, increasing foreign remittances, improving tax revenues, and introducing other revenue generation measures in a bid to avoid the IMF packages in future”, he concluded.

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