Pakistan avoided default last summer thanks to a short-term bailout from the International Monetary Fund.
Islamabad:
Pakistan plans to seek at least $6 billion in new loans from the International Monetary Fund to help the incoming government repay billions of dollars in debt due this year, Bloomberg News quoted a Pakistani official as saying on Thursday.
The country will seek to negotiate an extended fund arrangement with the International Monetary Fund, the report said, adding that negotiations with the IMF are expected to begin in March or April.
Pakistan avoided default last summer thanks to a short-term bailout from the International Monetary Fund, but that program expires next month and the new government will have to negotiate a longer-term arrangement to keep the $350 billion economy stable.
Before the bailout, the South Asian country must take a series of measures required by the International Monetary Fund, including budget revisions, higher benchmark interest rates and higher electricity and gas prices.
The IMF did not immediately respond to a Reuters request for comment on the Bloomberg report. Pakistan’s finance ministry could not immediately be reached for comment.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Follow us on Google news ,Twitter , and Join Whatsapp Group of thelocalreport.in
