IMF delegation not here for negotiating bailout package, clears finance minister
He made these remarks in programme Tonight With Moeed Pirzada.
ISLAMABAD (Dunya News) – Finance minister Asad Umar on Sunday rubbished rumors that delegation of International Monetary Fund (IMF) has arrived in Pakistan for talks on potential bailout package.
He made these remarks in programme Tonight With Moeed Pirzada.
Umar added that rumors surrounding [economic uncertainty] would be dispersed within a month or two.
“Economic revival was never the priority of the previous government hence, country suffered a mammoth deficit of Rs2300 bln. [Incumbent govt] is spending $2 bln from forex reserves every month”, Umar told Pirzada while adding, “Previous govt has completely obliterated economic structure. We will not spend lavishly Like Pakistan Muslim League Nawaz”.
“Primary reason behind sorry state-of-affairs in state-institutions remains bad governance. The financial condition of Pakistan International Airlines and Pakistan Steel Mills has plummeted so low that nobody is willing to buy them for even Rs1”, professed Asad Umar.
“Apart from PML-N, no other govt had printed currency notes worth Rs1200 bln per year”, revealed the incumbent finance minister.
“State-institutions will not run properly until they are headed by bureaucrats or politicians. We will appoint the best individuals as head”, vowed Umar.
Delegations of IMF, Pakistan govt to meet tomorrow
Third round of talks between delegation of International Monetary Fund (IMF) and Pakistan govt will be held tomorrow in Islamabad.
As per details garnered, IMF has termed current economic condition ‘unsatisfactory’.
State Bank of Pakistan (SBP) governor and Federal Board of Revenue (FBR) chairman will also hold separate meetings with IMF’s delegation.
Sources privy to development stated that IMF has sought contract details of game-changer China Pakistan Economic Corridor (CPEC) as West’s interest continues to deepen in the multi-billion dollars strategic arrangement between time-tested allies [Pakistan and China].
Talks between two sides will continue till October 4.
