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To: Bill Harmond who wrote (22990)	10/25/1998 11:00:00 PM
From: damniseedemons	Respond to of 164684

>>What was I supposed to say, duck? How about, "calmly but quickly proceed to your designated shelter area."

To: Bill Harmond who wrote (22990)	10/26/1998 8:10:00 AM
From: Glenn D. Rudolph	Respond to of 164684

October 25, 1998 Pakistan Seeks $5B IMF Bailout ---------------------------------------------------------------------------- ---- A.P. INDEXES: TOP STORIES \| NEWS \| SPORTS \| BUSINESS \| TECHNOLOGY \| ENTERTAINMENT ---------------------------------------------------------------------------- ---- Filed at 12:20 p.m. EST By The Associated Press ISLAMABAD, Pakistan (AP) -- Already saddled with outstanding debt payments of $1.4 billion, Pakistan is seeking a $5 billion bailout package from international donors or it will have to default on its loans, a senior official has said. ''We are looking forward to negotiate (a bailout package) with the International Monetary Fund and the World Bank in the next couple of weeks,'' Ahsan Iqbal, deputy chairman of the national planning commission, told The Associated Press on Saturday. Pakistan's external debt is a massive $32 billion. Western economists say Pakistan needs emergency funding of about $5 billion just to meet its financial obligations for the 1998-99 fiscal year. Of the $5 billion, they say $2 billion would cover debt rescheduling and the remaining $3 billion would cover current accounts. Analysts say Pakistan's economy -- reeling by international sanctions for its series of nuclear tests in May -- inched closer to a default after the IMF postponed its loan talks with the government this week. ''We are still hopeful that the stalled talks will resume and a package will be finalized,'' Iqbal said. The IMF delayed its talks after Prime Minister Nawaz Sharif announced a 30 percent cut in power rates. The IMF had been seeking increases in Pakistan's utility rates as one means of generating revenue. The IMF also delayed talks to protest an ongoing feud between Sharif's government and privately run power companies. The government slashed previously negotiated power rates and accused power companies of charging inflated rates. Sharif claimed the power companies paid kickbacks to former Prime Minister Benazir Bhutto to charge inflated prices to the state utility company, the Water and Power Development Authority. The power companies and Ms. Bhutto deny the accusations. Pakistan foreign exchange reserves slumped to $542 million on Oct. 17 from $602 million on Oct. 10, according to the State Bank of Pakistan figures.