Pakistan to seek IMF loan to avert meltdown

October 08, 2018 - 12:35 pm

ISLAMABAD (AP) — Pakistan says it will seek a bailout loan from the International Monetary Fund to address a mounting balance of payments crisis.

Finance Minister Asad Umar said Monday he will hold talks with IMF officials later this month.

Analysts say Pakistan hopes to secure $8 billion in loans to avoid an economic meltdown. It also wants fresh loans from China, which has already invested heavily in roads and the energy sector.

Washington, which recently suspended military aid to Pakistan over its alleged failure to crack down on the Taliban, has expressed concern about IMF funds being used to repay Chinese loans.

Pakistan has been approaching the IMF since the 1980s, and received a $6.7 billion loan in 2013.

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