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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan has no alternative to taking IMF money-adviser Reuters - Friday, October 31 By Sahar Ahmed KARACHI, Oct 30 - Pakistan's economic troubleshooter believes that the country has no alternative to seeking money from the International Monetary Fund to cope with dwindling foreign reserves and a balance-of-payments crisis. Pakistan, a nuclear-armed U.S. ally, is facing a balance of payments crisis and has been in talks with the IMF since last week. The talks in Dubai had concluded and more discussions would be held in the next few days, the IMF said. "We know IMF programmes harm nations financially. But, we have no other option. Even then, we shall accept their programme on our terms," Shaukat Tarin, the prime minister's top economic adviser, told the Senate late on Wednesday. "I would not like the IMF programme, if you ask me. But we are sitting on a monster, facing a trade deficit of $20 billion and current account deficit of $1.5 billion," said Tarin, according to the state-run APP news agency. . Tarin was not available for comment on Thursday and the IMF gave no detail of the talks. According to a government official, Pakistan had asked the IMF to agree to put off, at least until January, any increase in interest rates. Pakistan needs urgent help as its foreign reserves dwindled to about six weeks of import cover. The IMF had endorsed a financial plan drawn up by the government, Tarin said. Pakistan's economic woes began before the global financial crisis set in but analysts say the crisis has compounded Pakistan's difficulties by making donors reluctant to step in. Pakistan has tried but failed in recent weeks to win any large financial assistance from friendly governments and other multilateral lenders. Tarin told the Senate that other lenders were looking for IMF endorsement of a plan. "In this situation, even other donors would prefer that at least we show our plan to the IMF or get it approved. Everybody is looking towards its endorsement." Central bank governor Shamshad Akhtar said in Dubai on Wednesday that an IMF deal would be announced in due course and there was "no possibility" Pakistan would default on its debt. URGENT NEED Pakistan's foreign exchange reserves have been dwindling by $1 billion a month and have fallen from a high of $16.5 billion in October last year, to $6.92 billion on Oct. 25, of which the central bank accounted for $3.71 billion. Tarin has said there is an urgent need for $4 billion to $5 billion to fill a financing gap. The country also needs $10 billion to $15 billion to cover a current account financing gap and undertake adjustments over the next two years. Tarin later told the Geo News channel the country had 15 to 20 days to find cash and it was still hoping for help from friendly governments and other lenders, he said. The latest data showed lower government spending after cuts to subsidies. The fiscal deficit for the quarter to Sept. 30 was 122 billion rupees , or 1 percent of gross domestic product , a government official said. The target was 147 billion rupees, or 1.2 percent of GDP. The Friends of Pakistan grouping of potential donors will meet in Abu Dhabi on Nov. 17 but officials say the meeting should not be seen as a pledging forum. (Additional reporting by Lesley Wroughton in Washington; Editing by Robert Birsel) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Stocks up on GDP report in relatively calm sessionAP - 2 hours 7 minutes ago Newell Rubbermaid 3Q profit falls 68 percentAP - 2 hours 52 minutes ago Commodities fall on recession concernsAP - 2 hours 57 minutes ago US diabetes rate doubles over 10 yearsAP - Friday, October 31 Macau lifts Wynn Resorts Q3 profit 14 pctReuters - Friday, October 31 Most Popular – Business Viewed When men see red, they see hot: study Asian stocks soar on US Fed rate cut McCain in defiance as Obama boosted by economic data World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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