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Bailout: PM takes ministers into confidence, instructs to ‘defend’ decision

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ISLAMABAD – Prime Minister (PM) Imran Khan on Tuesday took ministers into confidence over approaching International Monetary Fund (IMF) for yet another bailout package.

As per details garnered, PM presided over an extra-ordinary huddle of ministers at his residence in Bani Gala after rupee lost record value against the greenback in the interbank market.

Sources privy to PTI told our correspondent that PM disclosed reasons behind making this tough decision whereas he ordered party’s top brass to defend decision of the incumbent govt at all platforms.

“Govt wants to give relief to the underprivileged segment of the society”, claimed Khan while vowing to leave no stone unturned to lead the country out of the crisis.

On the other hand, Finance Minister Asad Umar on Tuesday has left for Indonesia to hold talks with International Monetary Fund (IMF) as part of measures to steer country s feeble economy out of the crisis. Finance Minister is expected to seek $ 8BN from IMF amid speculations of an imposition of strict conditions against the loan.

Earlier on Monday, Finance Minister in a video message had said that the government inherited loans worth billions of rupees which need to be managed.

According to the press release of a ministry of finance, soon after coming to power the present Government had expressed serious concerns on the dismal economic situation of the country and had committed to undertake a quick evaluation of all possible options.

The government has inherited 6.6% of the fiscal deficit, more than a trillion rupees of unaccounted for losses in the energy sector and an unprecedented and debilitating current account deficit running at $2 billion a month. To mitigate the underlying imbalances, fiscal and monetary actions needed to be undertaken without delay.

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