World Neighbours 01 May 2019 Pakistan negotiating ...

Pakistan negotiating $8 billion bailout package with IMF

Published May 1, 2019, 1:30 am IST
Updated May 1, 2019, 2:56 am IST
Officials brief IMF about tax reforms; discuss limiting tax exemption system.
International Monetary Fund
 International Monetary Fund

Islamabad: Pakistan and the International Monetary Fund (IMF) are negotiating a $8 billion bailout package, officials said.

Officials said that Pakistan had offered extra Rs 600 billion tax target to IMF officials during a meeting attended by Federal Board of Revenue (FBR) chairman and tax officials.


“Pakistan officials have also briefed the IMF officials over tax reforms and limiting tax exemption system was also discussed,” an official said.

Meanwhile, Pak officials trying to reach a consensus with IMF officials on the amnesty scheme also briefed over assets disclosure scheme that would increase income.

Pakistani officials had told the IMF that money laundering laws would not apply to the scheme which will be discussed further.

On Friday, Prime Minister Imran Khan held separate meetings with IMF managing director Christine Lagarde and World Bank chief executive officer (CEO) Kristalina Georgieva on the sidelines of the second Belt and Road Forum in Beijing.


In his meeting with Ms Lagarde, he apprised her of measures taken to improve the country’s economy and the government’s poverty alleviation programme.

With Ms Georgieva as well he discussed a financial assistance package and recent steps taken for improving the fiscal situation.
On Friday, he made five suggestions for progress in his address to the second Belt and Road Forum in Beijing.

He said, “we must undertake joint efforts to mitigate the adverse impact of climate change, establish BRI tourism corridors to promote people to people and intercultural understanding, anti-corruption office, poverty alleviation fund and concerted efforts to further liberalise trade and investment flows encouraging the private sector and businesses to collaborate in projects.”