Pakistan to sign $6-8 billion agreement with IMF: Asad Umar

Pakistan to sign $6-8 billion agreement with IMF: Asad Umar

Pakistani Finance Minister Asad Umar revealed on Monday that Pakistan would sign a bailout agreement with International Monetary Fund (IMF) that would be worth $6-8 billion, Trend reported citing Geo TV.

Briefing the National Assembly's Standing Committee on Finance, Revenue and Economic Affairs chaired by Faizullah Kamoka, the finance minister said the IMF finalised a bailout package for Pakistan during talks between the two sides at a recent visit by the Pakistani delegation to the United States.

Pakistan would receive funds from the World Bank and Asian Development Bank immediately following the IMF bailout, he said.

Umar said the IMF package would ease off pressure from the country's foreign reserves.

External account pressure reduced Pakistan's international reserves to $6.6 billion by mid-January 2019, but with short-term financing from Saudi Arabia, the United Arab Emirates and China, foreign reserves increased to $10.5 billion at the end of March.

The finance minister further assured that the capital market would also improve following the IMF programme.

Umar told the committee that an IMF mission will visit Islamabad during the last week of April, which is when the bailout package amount will be finalised.

Speaking to media later, he said the public will not be impacted by the IMF agreement, and the government has no plans to raise electricity prices, the minister said.

Umar said he met with Financial Action Task Force (FATF) President Marshall Billingslea during the US visit, who assured him that any decision would be taken on technical grounds.

Pakistan will send a draft detailing its implementation on FATF's recommendations by today, he said. A delegation of FATF will visit Pakistan in the third week of May to review the implementation efforts.

IMF did not object to an asset declaration scheme proposed by Pakistan, sources said earlier, pointing out that Pakistan had already shared a draft of the proposed scheme with the IMF and the FATF.

Asad Umar is also set to meet Prime Minister Imran Khan and take him into confidence regarding the IMF talks.

Information Minister Fawad Chaudhry, speaking to media earlier today, said the finance minister will inform the nation regarding the IMF agreement in the coming days.

Chaudhry said the country can expect some major news about the economy within the next two days.

“Pakistan’s economy is moving towards strength,” he said, adding that there had been “positive progress” with the Paris-based anti-terror laundering watchdog FATF as well.

Meanwhile, Minister of State for Revenue Hamad Azhar said an agreement in principle had been reached on all outstanding issues with IMF during the finance minister's recent successful visit to the US.

He said technical details and formalities would now be finalised during the IMF's staff-level visit to Pakistan later this month.

Furthermore, the office of the IMF resident representative said in a statement that Pakistani authorities and global lender's staff held constructive discussions during the IMF/World Bank spring meetings in Washington DC towards an IMF-supported programme.

"At the request of the [Pakistani] authorities, an IMF mission will be going to Pakistan before the end of April to continue the discussions," it said.

Subscribe to Trend in Google News! Subscribe
Turkmen enterprise releases its first tablets and smartphones
Turkmen enterprise releases its first tablets and smartphones
Turkmen garment factory ramps up production
Turkmen garment factory ramps up production
Turkmenbashi refinery opens tender to purchase necessary equipment
Turkmenbashi refinery opens tender to purchase necessary equipment
Loading Bars
Latest
Turkmen enterprise releases its first tablets and smartphones
Azerbaijan is beneficiary of recovery trend in hydrocarbon market - Gazprombank
Technical specifications of Azerbaijan’s Khizi-Absheron power plant revealed
Uzbek Central Bank makes decision on its main rate
Azerbaijan boosts oil exports to Georgia
State Statistics Committee discloses cost of machinery, equipment produced in Azerbaijan
Cars re-export from Georgia to Azerbaijan increases
Uzbekistan’s gas chemical complex reveals volume of its products for 2021
Kazakhstan unveils value of vehicles insurance over 11M2021
Kazakhstan reports increase in monetary base value
Kazakhstan's first president to retain right to speak at parliament and government
Azerbaijani Executive Power in Baku opens tender for purchase of truck spare parts
Tesla Berlin factory to elect works council on Feb 28
Kazakhstan to introduce two alternative ways to repay deferred payments
Introducing hydrogen as energy carrier can raise energy security risks
Impact of large-scale protests in Kazakhstan yet to play out - WoodMac
Azerbaijan's State Agency for Use of Mineral Resources opens tender on survey services
India’s cumulative COVID-19 vaccination coverage exceeds 158.88 Cr
PM Modi to host first ever India-Central Asia Summit in virtual format on Jan 27
Indian NSE world’s largest derivatives exchange for 3rd straight year
Artel launches Innovative Educational Center in Tashkent
Uzbekistan shares data on industrial production in 2021
Events held in Azerbaijani army, dedicated to January 20 tragedy (PHOTO)
Guides to accompany passengers of bus trips to Azerbaijan’s liberated Aghdam, Shusha cities
Can hydrogen market be cartelized?
Azerbaijani NBCO eyes boosting car loan portfolio
Memory of January 20 tragedy victims honored in Azerbaijan's Shusha (VIDEO)
Indian economic recovery yet to attain durability: Icra
Russia records another 38,850 coronavirus cases, highest daily number since Nov 13
PM to launch India-assisted projects with Mauritius counterpart Jugnauth today
Rapid growth of hydrogen to underpin rising demand for nickel, zirconium
Azerbaijani State Border Service to purchase building materials via tender
Iran’s CBI discloses data on balance of bank loans
Uzbek Statistics Committee reveals amount of construction work done in 2021
Azerbaijan's minister of health talks quarantine regime
Turkmen garment factory ramps up production
Iran reveals COVID-19 data for January 20
IEA expects Azerbaijan to increase oil output in 2022
Turkish MoD shares publication on anniversary of January 20 tragedy in Azerbaijan
Work related to Armenia's environmental crimes in Azerbaijan's Karabakh in progress - ministry
Iran’s Bahar Azadi gold coin price continues to rise
Turkish, Armenian special reps to discuss confidence-building measures - FM
IEA evaluates Azerbaijan’s OPEC+ compliance
Kazakhstan crude and condensate production estimated to go up in 2022
European Hydrogen Backbone joined by six more companies
Swiss Expo inks solar power purchase agreement in Poland
Кazakh Electricity Grid Operating Company opens tender to buy spares for vehicles
Turkmenbashi refinery opens tender to purchase necessary equipment
EBRD to allocate loan for Turkey’s renewable energy sector
Azerbaijan develops action plan to provide liberated areas with internet
Georgia shares data on trade turnover with Azerbaijan
Russian MFA talks about expansion of transport corridors within GUAM
Recognise ‘Hinduphobia’ and violence against Buddhists, Sikhs too: Indian envoy to U.N.
Work related to Armenian crimes against Azerbaijanis continues - Prosecutor General
Momentum in India's favour, need to prevail over COVID-19: Deloitte CEO on economic development
Central Bank of Iran shares data on exchange of bank checks countrywide
Proud to hold TEKNOFEST int'l aviation, space, technology festival in Azerbaijan - Turkish Baykar Makina
EU special rep for South Caucasus to visit Azerbaijan
Iran boasts potential to vastly increase exports to Russia
India extends suspension on international flights till February 28
Kazakh Gas Processing Plant opens tender to buy electric engines
Companies from UAE, Netherlands to build solar photovoltaic stations in Uzbekistan
Israel signs $3.4 bln submarines deal with Germany's Thyssenkrupp
Azerbaijan eyes holding clinical trials of Turkovac COVID-19 vaccine soon
Turkmen state concern to purchase material and technical resources via tender
Georgia names main goods in domestic exports in 2021
Azerbaijani minister talks potential omicron infection rate among local COVID-19 patients
Azerbaijani people honor memory of victims of January 20 tragedy (PHOTO/VIDEO)
Iranian banks issue big loans in services sector
UN Resident Coordinator in Azerbaijan expresses condolences in connection with January 20 tragedy
Ambassador of Kazakhstan to Azerbaijan honors memory of victims of January 20 tragedy (PHOTO)
Uzbek association signs agreement with Russian enterprises to develop textile industry
Inflation accelerating worldwide: How Azerbaijan responds?
Azerbaijan honors memory of martyrs of January 20 tragedy by minute of silence (PHOTO/VIDEO)
Turkish embassy in Azerbaijan shares publication on 32nd anniversary of January 20 tragedy
Turkmenistan's TML eyes co-op with Ukraine's Smart Maritime Group
Uzbekistan to strengthen cooperation with Saudi company in energy field
Leadership of Azerbaijani MoD visits Alley of Martyrs (PHOTO)
Georgia’s revenues from tourism to surge in 2022 – Galt & Taggart
Iran provides several loans in trade sector
January 20 events strengthened resolve of Azerbaijani people for independence - aide to president
Embassy of Kazakhstan in Azerbaijan issues statement on 32nd anniversary of January 20 tragedy
Georgia publishes COVID-19 data for January 20
This irresponsible behavior of French FM also undermines bilateral international obligations of France - Azerbaijani MP
Uzbek Thermal Power Plants JSC to implement major investment projects
Kazakhstan increases production and import of kerosene for 10M2021
Iran reaches significant agreements with Russia in energy sector – minister
Valiant Azerbaijani people stood up for independence on January 20, 1990 - Turkish president's adviser
Loan portfolio of Azerbaijani non-bank credit organization more than doubles
Azerbaijan Transport Agency talks number of passengers on bus trips to liberated areas
Armenia must properly assess new geopolitical realities in region – Aide to Azerbaijani President
Russian Economy Ministry talks about implementation of joint transport projects with Azerbaijan
Georgia to attract new investments in energy sector – minister
Kazakh Samruk-Kazyna, Russian companies to invest in chemical projects
CNPC branch in Turkmenistan opens tender for repair of compressors
Uzbekistan shares domestic COVID-19 data for January 19
Iran's Energy Exchange announces products to be on sale on January 22
Iran establishes container shipping route from Chabahar port to Indian ports
President Ilham Aliyev and First Lady Mehriban Aliyeva visit Alley of Martyrs on 32nd anniversary of 20 January tragedy (PHOTO/VIDEO)
President Raisi's visit to Russia - fundamental change in Iran's international relations - Iran's VP
All news