Pakistan, IMF likely to reach agreement in June, says FM Miftah Ismail
The Hindu
Pakistan has repeatedly been seeking international aid to support its failing economy
Islamabad
Pakistan is expected to reach an agreement with the International Monetary Fund [IMF] next month to resurrect an enhanced bailout package to support the cash-strapped country’s sagging economy, Finance Minister Miftah Ismail has said.
Pakistan has repeatedly been seeking international aid to support its failing economy.
The talks with the IMF are being held in the Qatari capital Doha.
He said that the country is projected to need $36-37 billion in foreign financing in the next fiscal year.
Speaking at a webinar on the “National Dialogue on Economy: The Way Forward for Pakistan”, organised by Nutshell Conferences and Corporate Pakistan Group on May 28, Mr. Ismail revealed that at present the government was not considering raising fresh foreign debt from the global capital market and commercial banks after the country’s international bonds lost almost one-third of their value, while their yields went up significantly, The Express Tribune reported.
He said that instead of economic growth, controlling inflation was the top priority of the government .“Inflation control will lead to economic growth,” he said.