Economy

IMF stands ready to support Pakistan, says Lagarde

Pakistan - Credit Bloomberg

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Pakistan is looking to bridge a financial gap of at least $12 billion and is currently negotiating its 13th IMF bailout since the late 1980s.

Monday 11, February 2019

(Bloomberg) --The International Monetary Fund (IMF) stands ready to support Pakistan as it tries to tide over a balance-of-payments crisis, Managing Director Christine Lagarde said after meeting the South Asian nation’s prime minister in Dubai.

“I had a good and constructive meeting with Prime Minister Khan, during which we discussed recent economic developments and prospects for Pakistan in the context of ongoing discussions toward an IMF-supported programme," Lagarde said in a statement on Sunday.

“I reiterated that the IMF stands ready to support Pakistan," she said. "Decisive policies and a strong package of economic reforms would enable Pakistan to restore the resilience of its economy and lay the foundations for stronger and more inclusive growth."

The UAE gave Pakistan a $3 billion support package last month, matching a similar amount from Saudi Arabia.

Finance Minister Asad Umar said last month the financial packages from the Gulf nations will help Pakistan negotiate better terms for a bailout loan from the IMF, after talks hit an impasse in November over the fund’s proposed changes to currency and tax policy.

TAGS : IMF, Pakistan, Prime Minister Khan, Finance Minister Asad Umar

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