Islamabad: International Monetary Fund (IMF) demands a large-scale which cannot be a solution fr the possible bailout programme. Finance Ministry official stated that “is too large” and accession to the programme is likely to be delayed despite negotiations.
“Our talks with the IMF are not going well, the only option we have now is to do something on our own,” mentioned the official of Finance Ministry.
After the talks of Finance Ministry with IMF it is hard to state that where the two dignitaries stand with respect to bailout package. “There is no chance that the adjustments as proposed by the Fund can be made, the demands in their current shape are too steep to be implemented,” added the official while talking to media.
This situation has put the government to dilemma, since IMF programme is very important to get access to the multi-lateral lenders like the World Bank and the Asian Development Bank, as well as from global financial markets.
While in the meantime, the government has managed to gain some space through bilateral support of its friends such as Saudi Arabia and UAE who agreed to put $3 billion support each. Talks with China are also towards conclusion on another 42.2 billion deposit with State Bank.
“It is possible that the IMF may come around, considering our position and will not let us collapse,” says one of the sources.