IMF may delay bailout package to Pakistan

IMF may delay bailout package to Pakistan
Highlights

The IMF's bailout package to cash-strapped Pakistan could be delayed as the global lender is pressing it to be transparent on the CPEC project and wants a written guarantee from Islamabad that its assistance will not be used to repay the loans to China, a media report said on Monday.

Islamabad: The IMF's bailout package to cash-strapped Pakistan could be delayed as the global lender is pressing it to be transparent on the CPEC project and wants a written guarantee from Islamabad that its assistance will not be used to repay the loans to China, a media report said on Monday.

Pakistan is seeking $8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.

With the generous Chinese assistance, Pakistan has so far received a total of $9.1 billion in financial aid packages from friendly countries during the current fiscal year.

Finance Minister Asad Umar said earlier this month that a mission of the International Monetary Fund (IMF) would visit Islamabad soon after the spring meetings of the World Bank Group, which includes the IMF, and an agreement should be signed by the end of this month.

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