November 15, 2008	Saturday	Ziqa'ad 16, 1429

ISLAMABAD, Nov 14: Minister of State for Finance and Economic Affairs Hina Rabbani Khar said here on Friday there was no plan to reduce defence spending.

She also said that consultations with the International Monetary Fund (IMF) on a bailout package were “almost complete”.

Referring to the Senate debate on the issue, she said the government had taken all stakeholders into confidence on consultations with the IMF.

She said recommendations on the IMF package would be submitted in the next cabinet meeting for approval.

Meanwhile, an official of the finance ministry said that Pakistan had sought $9 billion from the IMF and help from other lenders to avert a balance of payment crisis. “We are asking for $9 billion from the IMF. They are talking about $7.4 billion. The IMF can give us up to $7.6 billion,” the official said.

Another official said that the letter of intent would probably be sent to the IMF before Monday, ahead of a ‘Friends of Pakistan’ meeting in Abu Dhabi.

The meeting is not expected to come up with pledges of loans, but it could pave the way for a ministerial meeting later.

—Agencies