Pakistan reaches ‘agreement in principle’ with IMF over bailout package: Revenue Minister

Pakistan has reached an “agreement in principle” with IMF over bailout package, the country’s state minister for revenue Hammad Azhar said. (Reuters/File Photo)
Updated 15 April 2019

Pakistan reaches ‘agreement in principle’ with IMF over bailout package: Revenue Minister

  • Pakista last year expected to sign up for 13th IMF bailout program since late 1980s
  • Pakistani officials say conditions attached to proposed IMF loans could hurt economic growth

ISLAMABAD: Pakistan has reached an “agreement in principle” with IMF over bailout package, the country’s state minister for revenue said on Monday after the lending body announced arrival of its staff mission in Islamabad later this month.
A mission team from the International Monetary Fund (IMF) will travel to Pakistan this month, the IMF said in a statement.
Hammad Azhar, the minister, said the staff mission’s visit was just aimed at finalizing technical details.
“An agreement in principle has been reached with IMF,” he announced in a tweet, hours after Pakistan’s Finance Minister Asad Umar returned home from Washington where he had meetings with the IMF and World Bank.
Pakistan was last year expected to sign up for its 13th IMF bailout program since the late 1980s but talks ground to a halt, with Pakistani officials saying the conditions attached to the proposed IMF loans could hurt economic growth. (Reporting by Asif Shahzad; Editing by Toby Chopra)


Bangladesh train collision kills 15, toll could rise

Updated 5 min 7 sec ago

Bangladesh train collision kills 15, toll could rise

  • Most passengers were asleep at the time of the crash
  • Railway accidents in Bangladesh happen relatively frequently, many at unsupervised crossings, and also because of the poor condition of tracks

DHAKA: Rescuers in Bangladesh were battling on Tuesday to pull passengers from mangled wreckage after a head-on collision of two trains killed at least 15 people and injured more than 40, officials said.
A train heading for the southern port city of Chittagong and one bound for Dhaka collided at around 3 a.m. (2100 GMT) in Brahmanbaria, about 100 km east of the capital, crumpling three compartments of the Chittagong-bound train.
“So far, 15 bodies have been recovered,” district official Hayat Ud Dowlah Khan said by telephone from the accident site, warning that the toll could rise during the rescue, mounted by fire, police, border guard and army officials.
“More than 40 injured people have been admitted in hospitals,” Khan said, adding that some were in critical condition.
Most passengers were asleep at the time of the crash.
“Suddenly there was a big bang. I saw people were screaming,” a passenger of the Dhaka-bound train said in television images from the site.
It was not immediately clear how the two trains came to be on the same track, and the government has ordered an investigation.
“One of the trains might have broken the signal, leading to the tragedy,” one police official, Shayamal Kanti Das, told reporters.
Railway accidents in Bangladesh happen relatively frequently, many at unsupervised crossings, and also because of the poor condition of tracks.