No decision regarding IMF bailout so far; says Asad Umar

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ISLAMABAD: The newly seated Finance Minister of Pakistan Asad Umar, has stated that the government has not made a decision to approach the International Monetary Fund (IMF) for a bailout package.
Umar, while briefing the senate on Tuesday, informed that economic situation is being analyzed and the final decision will be taken after consideration with the parliament.
“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,” added Asad, reported local media.
Earlier, the Federal Minister for Finance denied the reports regarding discontinuation of Rs 5,000 currency notes, and termed the news being circulated on social media as baseless. Asad, who was tasked by Prime Minister Imran Khan to lead the Economic Coordina­tion Committee (ECC) said that no such proposal was under consideration.
He said that the government was determined to reduce poverty in the country and added that currently the most important matter was to improve foreign exchange reserves of the country.
He said that the government had already adopted austerity measures on the special directive of Prime Minister Imran Khan, which would help in strengthening the country’s economy.