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 its aid 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 from friendly nations.
Finance Minister Asad Umar said earlier this month a mission of the IMF would visit Islamabad soon after the spring meetings of the World Bank Group, which includes the IMF, and a deal should be signed by the end of this month. Pakistani daily Dawn quoting official sources said the visit of the IMF mission to Islamabad for finalising the bailout package may be delayed as both sides are still engaged in an “intense discussion” on the final details of the deal.
