Details of all loans have been provided to IMF: Asad Umar

IMF to provide direct loan worth USD 6-8 billion - Asad Umar
Islamabad: Finance Minister Asad Umar on Monday revealed that International Monetary Fund (IMF) will provide Pakistan direct loan worth USD 6-8 billion.

He made these remarks while talking to media here in Islamabad.

“IMF has finalized bailout package for Pakistan in recent negotiations between the two sides”, Umar was quoted as saying.

Asad Umar added that Islamabad will receive funds from World Bank and Asian Development Bank as soon as IMF will formally announce a bailout package for Pakistan.

The minister opined that IMF bailout package would ease off pressure from country’s declining foreign exchange reserves. The minister told attendants that IMF team is expected to visit Pakistan in April and a formal announcement will be made soon.

The minister revealed that Pakistan has provided details of all loans—including those granted by Chinese—to the international body.

The minister confessed that common people have been affected by recent wave of inflation. However, the minister blamed previous government of Pakistan Muslim League Nawaz (PML-N) for current economic woes.