Fri. Mar 29th, 2024

International Monetary Fund (IMF) has asked Pakistan to share information over loans the country has received from China, as IMF was currently studying to provide a bailout package to the latte.

According to ANI news reports, during a recent meeting, IMF has voiced concern over China’s financial assistance to Pakistan. However, Islamabad has assured that there was no overlapping between the CPEC and the IMF bailout package.

Pakistan’s finance minister Asad Umar has said the IMF and Islamabad will soon reach to a complete deal in the coming days.

After holding a meeting with World Bank Group head David R Malpass and the IMF’s senior officials, the finance minister said, “During the last two days, we have, more or less, reached an understanding. In the next day or two, we hope to reach a full agreement and then we will share the detail with you.”

In the past few years, China and Pakistan have inked several agreements worth USD 6.2 billion under their project “CPEC“. Besides, the projects, China has also granted some commercial loans to Pakistan worth USD 6.5 billion. Beijing has also deposited some USD 2 billion in SBP (State Bank of Pakistan).

Pakistan, last year, had formally asked the IMF for another bailout financial assistance package.

Umar has on Wednesday held meetings with David R Malpass, President World Bank Group, and senior officials of the IMF, seeking a three-year bailout package.

According to ANI news reports, a team of a delegation led by Umar included finance secretary Younas Dagha, economic affairs division secretary Noor Ahmed and Pakistan governor, Tariq Bajwa, arrived in Washington DC to attend a two-day official meeting.

 

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