ISLAMABAD – Finance Minister Asad Umar explained on Tuesday that the government had not made a decision to approach the International Monetary Fund (IMF) for a bailout package.

Speaking on the floor of the Senate, the minister confirmed that consultations on the current economic situation were underway and a final decision will be taken after taking the Parliament on board.

The PTI lawmaker, however, asserted that even if Pakistan approaches IMF, this won’t be the first time for the country as Pakistan sought the help of IMF for 12 times.

The finance minister informed the Senate that previously there was no question on which country’s banks had given loans to Pakistan.

Regarding the National Finance Commission Award, Umar said it is a constitutional obligation and on the first day after assuming office he directed the finance secretary to initiate the process for the new NFC Award.