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To: John Hunt who wrote (23394)	11/25/1998 9:47:00 AM
From: J.L. Turner	Read Replies (1) \| Respond to of 116984

John, The Canadian government in general and Quebec in particular seems to be more concerned with contingency planning than their US counterparts.Do you attribute that to their experience in the last ice storm?Were you in an area of blackouts at that time? Jeff

To: John Hunt who wrote (23394)	11/25/1998 9:56:00 AM
From: Alex	Respond to of 116984

Pakistan gets IMF bail out package By Amir Zia, Associated Press, 11/25/98 08:50 ISLAMABAD, Pakistan (AP) - The International Monetary Fund agreed today to rescue Pakistan's shattered economy from default, granting a $5.5 billion bailout package, finance officials said. Pakistan's economy has been reeling from international sanctions that followed nuclear tests this year, and the nation owed $32 billion to international creditors. The biggest hurdle to the bailout package was removed earlier this month when the United States agreed to support a one-time deal for Pakistan despite sanctions imposed on both Pakistan and neighboring India last May. The deal announced today still requires final approval from the IMF board of directors at a meeting in Washington next month, Pakistan's finance ministry officials said at a news conference in the federal capital, Islamabad. The United States imposed economic sanctions on Pakistan and its rival India after the two neighbors conducted underground nuclear tests in May. The embargo hit Pakistan especially hard, because it relied heavily on foreign loans and had meager reserves of hard currency needed to pay for imports. President Clinton lifted some of the sanctions earlier this month. After announcing the policy reversal, Clinton assured Prime Minister Nawaz Sharif in a letter that the administration would exert its influence with international lenders ''to meet Pakistan's economic difficulties,'' according to a foreign ministry statement issued at the time. The sanctions were aimed at punishing the two often hostile neighbors, but India suffered only slightly. The bailout package for Pakistan also comes with a number of conditions, including structural reform in its banking sector, tax reform to increase its tax base and a provision to try to reduce corruption. It is expected that Pakistan will have to find additional sources of revenue, although Finance Minister Ishaq Dar said the agreement with the IMF does not call for higher income tax or increased wealth tax. The deal gives Pakistan $3.3 billion from the IMF, Asian Development Bank and World Bank. The remainder of the money will be used to restructure loans. - - - - - - - - - - - - - - - - - - - - - -