The government took the decision after friendly countries did not bail it out even though Khan himself went to Saudi Arabia with a "begging bowl", the Express Tribune reported
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Pakistan has said it would approach the IMF for a bailout package of $6 to 7 billion to address the mounting balance of payments crisis faced by the cash-strapped country. Finance Minister Asad Umar on Monday said Prime Minister Imran Khan has endorsed the decision to seek assistance from the International Monetary Fund (IMF).
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"After taking into account the current situation and consultation with leading economists, the government has decided to approach the IMF for a bailout programme," Umar said Pakistan is likely to request the IMF to provide it $6 to 7 billion, Geo News reported.
The government took the decision after friendly countries did not bail it out even though Khan himself went to Saudi Arabia with a "begging bowl", the Express Tribune reported. Umar said talks with the IMF will start immediately as Khan approved the decision after consultations.
China to sell 48 high-end drones
China will sell 48 high-end armed drones to its "all-weather ally" Pakistan. The cost of the major defence deal was not revealed. The drones will also be jointly manufactured by China and Pakistan.
IMF: Pak has not approached us
The International Monetary Fund said Tuesday Pakistan has not approached the body to begin negotiations for a possible bailout to stem a balance of payments crisis, hours after Islamabad announced it will enter talks. "We have not been formally approached yet," said Maurice Obstfeld, the IMF's top economist.
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