Finance Minister Asad Umar says no decision yet to approach IMF

ISLAMABAD: Finance Minister Asad Umar speaking on the floor of the Senate on Tuesday said the government has not made a decision to approach the International Monetary Fund (IMF) for a bailout package.

Consultations on the current economic situation are underway and a final decision will be taken after taking the Parliament on board, Umar said.

"Even if Pakistan goes to the IMF programme, this won't be the first time that Pakistan has gone to the IMF programme. We have gone to the programme 12 times previously,” he added.

The finance minister informed the Senate that previously there was no question on which country’s banks had given loans to Pakistan.

Regarding the National Finance Commission Award, Umar said it is a constitutional obligation and on the first day after assuming office he directed the finance secretary to initiate the process for the new NFC Award.