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Bilawal urges centre to renegotiate its deal with IMF


Pakistan Peoples Party Chairman Bilawal Bhutto Zardari urged on Thursday the federal government to renegotiate its deal with the International Monetary Fund.

Describing the deal as “ruinous”, he said the
government must renegotiate new terms with the IMF that take into account the
impact of coronavirus on the global economy.

Bilawal’s statement came as the known cases of the virus in
Pakistan neared 1200, with nine deaths reported so far.

Pakistan signed $6 billion extended fund facility (bailout)
programme with the IMF in July 2019.

Islamabad received the first IMF payment of $991.4 million
on July 10, 2019. It received another $452 million in December 2019.

The country would get the remaining amount in installments
over the next three years.

Islamabad is also in talks with the IMF to secure $1.4
billion in aid to fight coronavirus, the government’s economic team said in a
joint press conference on Wednesday.

The talks are about to complete. This aid will be in
addition to the ongoing $6 billion bailout programme signed between the two
parties.

The Washington-based lender will provide this fresh loan on
soft terms.

Source Link: Bilawal urges centre to renegotiate its deal with IMF

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