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Govt decides to approach IMF in compulsion, explains Fawad

Govt decides to approach IMF in compulsion, explains Fawad

ISLAMABAD Federal Minister for Information and Broadcasting Fawad Chaudhry on Tuesday said that the federal government had to take decision of approaching International Monetary Fund (IMF) in compulsion as the government has to pay US$8 billion dollars in debt this year.

Talking to media in Islamabad on Tuesday, he said that the government was taking decisions to help the country stand on its own feet.

The minister while referring to the government s decision to go to IMF, said that the country presently has foreign exchange reserves just to cover imports worth one and a half month.

Chaudhry recalled that the country s foreign debt stood at just Rs6000 billion in 2008 but reached Rs28000 billion during the last ten years.

He said: “Reforms will be introduced in the institutions to help them stand on their own feet.”

“The Government wants to mobilize resources to run affairs of the state but it cannot add more burden on the poor,” he added.

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