You are here: Home » News-IANS » Diplomacy
Business Standard

Pakistan not going to IMF for now, says Finance Minister

IANS  |  Karachi 

The will not approach the (IMF) for a package as of now and will instead explore alternative options to bring the cash-strapped country's back on track, said on Saturday.

Umar made the remarks while talking to at the Karachi Chamber of Commence and Industry, Dawn online reported. He said that instead of rushing into the (IMF) programme, the government was looking at different avenues.

The also announced that the government will unveil a mini-budget on January 23 instead of January 21, citing Imran Khan's

Umar rejected reports that the government was only borrowing money, saying several agreements had also been signed to bring investment into the country. "The impacts of the investment agreements will start surfacing from the next week," he added.

is in talks with the IMF to secure a $8 billion deal for its ailing

Earlier this month, and the (UAE) finalised a $6.2 billion support package to help address its balance of payments challenge. The package involved $3.2 billion worth of on deferred payment, besides a $3 billion cash deposit.

has already received $2 billion in cash deposit from Saudi Arabia, while the third tranche of $1 billion is due in the first week of February. During Khan's visit to in October, it was announced that the kingdom will provide a $6 billion package to

The deal included $3 billion in balance of payments support and just as much in deferred payments on

Pakistan's "all-weather friend" too, had pledged to lend it financial support to shore up the dwindling foreign exchange reserves.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, January 12 2019. 20:20 IST