Amount of aid from IMF not yet determined: Asad Umar

KARACHI: On Saturday, finance minister Asad Umar on Saturday said the amount of aid being sought from the International Monetary Fund (IMF) has not been determined as yet.

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Speaking to industrialists at the Overseas Investors Chamber of Commerce & Industry in Karachi, Umar said, “Independent power producers (IPPs) benefit the most from circular debt and subsidies are not a solution to the problem.”

The finance minister while speaking about relief packages said, “We will receive $1 billion from Saudi Arabia within the next one to two days.”

“The amount of aid sought from IMF has not yet been determined and is being worked on,” he added.

Umar regretted that hawali and hundi “caused destruction in the country”.

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