1. You Are At:
  2. Home
  3. Ap News
  4. IMF team to visit Pakistan after request for bailout loans

IMF team to visit Pakistan after request for bailout loans

The head of the International Monetary Fund says it will send a team to Pakistan in the coming weeks after the government requested emergency bailout loans

Reported by: AP [ Published on: October 11, 2018 17:15 IST ]
Image Source : AP IMF team to visit Pakistan after request for bailout loans

ISLAMABAD (AP) — The head of the International Monetary Fund says it will send a team to Pakistan in the coming weeks after the government requested emergency bailout loans.

IMF Managing Director Christine Lagarde confirmed that Pakistan had requested the loans after meeting with Finance Minister Asad Umar in Indonesia on Thursday, without saying how much the Pakistanis had asked for.

Analysts say Pakistan is seeking $8 billion in loans in order to confront a balance of payments crisis. The government is also seeking fresh loans from China, which is already heavily invested in transport and energy.

Pakistan's currency plunged by around 7 percent earlier this week after word of the loan request was made public.

Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.

Write a comment

Election 2018