IMF bailout package yet to be finalised: Asad Umar

Says Pakistan to receive $1 billion from Saudi Arabia within a couple of days

News Desk November 10, 2018
Finance Minister Asad Umar. PHOTO: PTI

Finance Minister Asad Umar on Saturday stated that the amount of the International Monetary Fund (IMF) bailout package had not yet been finalised.

The government is yet to determine the amount to be sought from the global lender," he apprised industrialists.

Umar added that the country will receive a sum of $1 billion from Saudi Arabia within a couple of days.

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Umar further revealed that the government has traced properties of 4,000 Pakistanis in Dubai and of 97,000 Pakistanis in other countries.

Addressing the Overseas Chamber of Commerce, he added that about 97,000 Pakistanis have properties in other countries.

The minister remarked that notices are being issued to foreign property holders and legal action shall follow.

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Furthermore, the finance minister called for improvement in the government's tax collecting machinery to boost revenues. He emphasised that a provision of subsidies is not a solution to the problem. He continued that tax courts are being established for the speedy trial of such cases, adding that cases involving Rs1,300 billion of tax money are currently under trial.

FM Umar regarded Financial Action Task Force as a serious issue and said there's hope for progress in the matter by January. He also commented that money laundering has caused immense damage to the country.


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