Truemors
is reporting from
Member
NP Rank:
NP Rank:
Pakistan Prime Minister Yousuf Gilani okays IMF bailout package
Share: 
by pakalert | November 9, 2008 at 08:47 am
390 views | 0 Recommendations | 1 comment
Pakistan Prime Minister Yousuf Gilani has given the green signal to finalise details of an economic bailout package with the International Monetary Fund and a six-member delegation will leave for Dubai next week to negotiate, official sources said here yesterday.
Adviser on Finance Shaukat Tarin will head the team that will hold talks with IMF officials, a source in the Prime Minister Secretariat said, requesting anonymity.
“The package has become a compulsion for Pakistan to meet balance of payment needs and pay instalments, which are due immediately,” he added.
He said that the Pakistani team would do its best to get the IMF conditions for bailout package softened to the maximum extent, as the Fund wanted to provide credit to Pakistan at a hefty interest rate with tough conditions.
“The Pakistani delegation will apprise the IMF officials of the economic situation in the country arising out of the difficulties being faced by Islamabad in repayments because of devaluation of Pakistani rupee,” the official said. “Pakistan had to devalue its currency by 32% during the past half decade,” he pointed out.
Moreover, the official said, the Pakistani currency was also losing its value because of growing inflation and this was over and above the 32% declared devaluation of Pakistani rupee. He said the Pakistani team would effort to persuade the IMF officials to grant bailout package at the minimum interest rate.
According to other sources Pakistan would get $9.6bn IMF package under which funding could not be rescheduled.
As per proposed conditions of the funding, Pakistan would also furnish to the IMF 48 hours before
signing the funding agreement the details of all loans it got under the bilateral and multilateral arrangements, it adds.
The proposals also mentioned if Pakistan accepted the IMF funding, it would have to reduce the defence budget by 30% between 2009 and 2013 gradually while the number of posts in the government and semi-government departments entailing pension would also have to be decreased from 350,000 to 120,000.
Meanwhile, a senior Pakistani diplomat in Washington quoted the IMF as saying that while it has not asked Pakistan to cut military spending by a third, it has urged the country to take a number of painful economic measures.
Apparently, the IMF is willing to help Pakistan on the condition that it will have a major say in the country’s economic policies. The conditions include allowing six IMF and two World Bank directors to oversee preparations for the country’s next budget.
They would also have a say in the affairs of the State Bank of Pakistan as well.
IMF officials will also monitor tax collection at the provincial level.
Among the reforms suggested by the IMF is a proposal to reduce the number of pensionable government jobs by almost half.
What is NowPublic?
NowPublic lets people work together to cover news events around the world.
Most RecentMost Recommended Comments (1)
at 10:24 on August 8th, 2009
suggestion from FROM <?xml:namespace prefix = st1 />LondonUK
I am describing for betterment of Nation and Country as a whole if our rulers can adopt the policies which I can suggest? Every one is aware that what the political governments and Military Dictators gave to this Nation, Snatched from the people what ever they had and left them to play with their own miseries Every government so for claimed to give Roti-Kapra-Makan to Poor’s, instead of giving them, snatched from them Whenever a new government comes in power start criticizing the old rulers and spending most of time in criticizing their policies rather than doing some thing better Can any one tell what Nawaz government gave to Nation when they were in power, What Bibi government gave to Nation when she was in power, what Zia military government gave to nation, all Alqaida leadership to destroy the country. Why the people of Pakistan very easily forget what happened in Musharaf government about Lal Masjid when those terrorists were attacking shops, attacking police, creating terrorism while in Burqas, how they had brought Arms in the Masjid which is place of worship not ASLA KHANA of mass destruction and why people have forgotten how the Mulllas from LAL Masjid were fighting with Army with large deposits of Arms and ammunition . We have history of forgetting such events very soon and start criticizing all such events in a negative way. Say reality is reality do not deny reality for God Sake. Now politicians are saying that LAL Masjid case be opened saying how those innocent people were attacked by Army. Shame on the people who say this , have they forgotten those 3 weeks how the people of Islamabad spent their days and nights. If that had not been done, today another Baitullah masood would have emerged from that Mosque and LAL Masjid was one of Headquarter of Baitullah masood. For God Sake think positive not criticize that it was wrong action by government. My suggestion to government is as follows . This is time forget about past and think of future if you have to survive otherwise next government will criticize you in much bad was Think of poor people who are not able to eat, drink clean water, wear good cloth, no place to live, educate their children etc . Instead of Roti Kapra Makan giving to people you have taken all from people. The courts instead of opening cases on old rulers should carryout their normal court activities and dispose of pending cases instead of opening old rulers cases, this is wastage of money and resources of Nation, otherwise in future they will have the same fruit. The government machinery should work honestly and work for betterment of people of Pakistan and give safety to people and provide facilities to people of Pakistan at the cheapest way to have a happy life The advocates should only concentrate on their profession and not exploit any government The dishonest people be punished within days not in years The journalists play their positive role and should criticize what is wrong and what is right , they can play a positive role for society The government officials and MPs, MNAs should adopt Austerity measures so as the Government functionaries so that all the savings be spent on poor people. The Ministers, Chief ministers, President and Prime minister should adopt Austerity measures and spending on tours be reduced and spend the same money on welfare of poor people. The Ministers and Prime Minister or President going on Foreign tours should stay in 5 start hotels and Hiring of Limousines by Ministers be avoided , Expenses be controlled to save for the Nation and all expenses on foreign visits be declared to Nation On TV the Ministers or any Politicians should speak truth. avoid just Politics that will ruin the Nation,. Stop criticizing each other, think positive and work for government. Learn some lesson from UK politicians and Political system in this country that how they are sincere to their Nation unlike our Politicians Our all energies presently are concentrated towards how we can take revenge from old regime, our Nation cannot progress and if it continues it will ruin the Nation. Think of Future not past what happened; otherwise some one in future will take care of you. I am living in UK and is watching all TV news, programs, Discussions, and being true Muslim and Pakistani, I have expressed my self not criticizing any one but reality what is happening in our country , how we are taking revenge we are persuading the Higher Courts in the same direction. We have politics of Revenge, not a positive politics. Stop this if you have to make progress as a Nation. Let Media Play its Positive Role and educate the People and Politicians. We are Muslims but our actions are unlike. Be and prove that we are true Muslims and let us act on sayings of Prophet Muhammad, peace be upon him. Please prove it as an Islamic Nation. My message is for every individual , especially for RULERS. ZAHOOR ALI PAKISTANI 20 EAST HAM RAOD, EASTHAM LONDON