Pakistan : Terrorist Wahabi Islamic Rep Pakistan 7

[Naresh]

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[url="http://www.geo.tv/9-15-2011/86263.htm"]Pakistan may part ways with IMF[/url]



ISLAMABAD : Pakistan is mulling to wean itself from International Monetary Fund (IMF) stand-by loan programme, a step that would deny it a couple of yet to be received tranches worth $3 billion, Geo News reported Thursday.



According to details the country’s financial managers are pondering upon the prospects of breaking the debt-shackles, but a final decision will not be taken till a meeting slated for September 23-25 with the IMF authorities in the US.



Sources privy to the matter told Geo News that it is quite probable that Pakistan may neither apply for an extension nor engage in a new loan programme. If it comes to pass then the country’s economy will break free form any direct IMF loan agreement by October 1 this year.



Sources in ministry of finance added that Pakistan was to receive two tranches worth $3 billion in the successful culmination of the loan programme it is currently in, which is a far cry in the given circumstances.



Pakistan is also deliberating about borrowing $5-7 billion from the lender of the last resort to boot.



According to sources the country’s foreign exchange reserves are enough to foot IMF’s repayments due in 2012. In addition to that the government is also giving serious thought to buying oil from Saudi Arabia and Iran on deferred payments.



Pakistan economic team is most likely to leave for the US next week to hold important meeting with the International Monetary Fund at the sidelines of a World Bank and IMF annual meeting to be held from September 23-25 in Washington.



Finance Minister Dr Abdul Hafeez Shaikh would lead the Pakistani side in the annual meeting of WB and IMF.



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