$7b bailout request not on IMF agenda

ISLAMABAD:

The International Monetary Fund's Executive Board meeting will not take up the $7 billion bailout package to Pakistan for approval as it is not part of agenda for the current week.

IMF has issued the Executive Board meeting's schedule for September 4, which does not include Pakistan's request for $7 billion bailout package. However, the finance ministry is optimistic that the fund's board will approve the loan during the month of September.

According to finance ministry sources, the government is wooing China, Saudi Arabia and UAE to roll over $12 billion loan. Besides, Pakistan has also sought $1.2 billion loan from Saudi Arabia to brdige a $2 billion financing gap.