Asad Umar meets WB, IMF officials for bailout [DailyTimes] 12 Apr, 2019

A delegation led by Finance Minister Asad Umar in Washington on Wednesday met World Bank Group President David Malpass and other senior officials of the International Monetary Fund (IMF) in a bid to secure a three-year bailout package for Pakistan.He and his team arrived in the United States (US) on Tuesday for participating in the spring meetings of the World Bank Group, which includes the IMF but has also scheduled a bilateral meeting with US Treasury Secretary Steven Mnuchin on the sidelines.The meetings are anticipated to be pivotal as the US support is considered crucial for any World Bank or IMF package. On the sidelines of the meetings, Umar apprised Malpass about the macroeconomic situation of Pakistan and discussed continuation of Pakistan’s engagement with the World Bank Group. To which, Malpass appreciated the reform process in the country and assured continued World Bank Support. Asad Umar also met with the First Deputy Managing Director of IMF David Lipton and talked about the ongoing negotiations with the IMF.The minister also held a meeting with members of the America-Pakistan Business Council where many companies expressed interest for investment and trade in Pakistan. The members of the council offered their support following establishment of certain projects in the near future in Pakistan. The minister assured them that Pakistan has formulated and implemented effective business-friendly policies in the country for supporting businessmen, and Prime Minister Imran Khan has been monitoring the reforms himself.Last week, the finance minister expressed hope to finalise the proposed IMF package during his two-day visit to the US In an annual report released on Tuesday, the IMF warned that Pakistan’s growth rate may remain at 2.5 per cent till 2024 unless Islamabad undertakes much-needed economic reforms.The World Bank on Sunday said that Pakistan’s economic growth rate would decelerate further to 2.7pc – the lowest in South Asia – in the next financial year owing to the tight fiscal and monetary policies. State Bank of Pakistan Governor Tariq Bajwa, Finance Secretary Younas Dagha, Economic Affairs Division Secretary Noor Ahmed and other senior officials of these institutions are also part of the Pakistani delegation in Washington to attend spring meetings.

More News

Libyan children ‘at imminent risk of injury or death’ as conflict escalates: UN

19 Apr, 2019 APP

UNITED NATIONS, Apr 19 (APP):An increasing number of children are “at imminent risk of injury or death”, two senior UN officials have warned, citing ... Detail

Girl burned to death after reporting sexual harassment against headteacher in Bangladesh

19 Apr, 2019 DailyTimes

DHAKA: According to the police reports released today (Friday), a schoolgirl was burned to death, when she accused her head teacher for sexually haras ... Detail

North Korea demands removal of Pompeo from talks

19 Apr, 2019 Radio Pakistan

North Korea has demanded removal of US Secretary of State Mike Pompeo from talks over its nuclear programme.North Korea’s state news agency KCNA ... Detail

Mueller report: Democrats keep pressure on Trump over Russia

19 Apr, 2019 Radio Pakistan

In the United States, Democrats are keeping up pressure on President Donald Trump to public long-awaited release of a report into Russian meddling in ... Detail

US Special Representative meets Russian Deputy Foreign Minister

19 Apr, 2019 Radio Pakistan

The US Special Representative for North Korea Stephen Biegun met with Russian Deputy Foreign Minister Igor Morgulov in Moscow.In the meeting, they dis ... Detail

Post Your Comments
Type your Comments / Review in the space below.
Name:
Email:
City:
Verify Code