Pakistan not to approach IMF with new bailout plea

Karachi - Pakistan was negotiating a $8 billion bailout package from the IMF.

Pakistan will not approach the IMF for a new bailout package and is considering alternative options to tide over its economic crisis, Finance Minister Asad Umar said Saturday.
Minister Umar made the remarks during a meeting with businessmen at the Karachi Chamber of Commence and Industry.
Umar told the participants that the Imran Khan-led government had decided against entering into any new bailout programme with the International Monetary Fund (IMF) for now and was exploring other possible avenues to help Pakistan's struggling economy get back on track.
Pakistan was negotiating a $8 billion bailout package from the IMF to overcome a severe balance-of-payments crisis that threatens to cripple the country's economy.
The government reached out to some friendly countries for economic assistance, including Saudi Arabia, the UAE and China.
Umar told the Karachi businessmen that the government would be announcing a mini-budget on January 23.

• Pakistan