Daily Business Wrap - Imran Khan met Christine Lagarde in Dubai to discuss a bailout - video Dailymotion

Gulf News

Pakistan’s Prime Minister Imran Khan pledged to carry out deep structural reforms of an economy that’s staring at a balance-of-payment crisis, after the International Monetary Fund (IMF) offered to avert it, Bloomberg reported on Monday.

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00:00Pakistan's Prime Minister Imran Khan has pledged to carry out deep structural economic reforms

00:07as his country faces a balance of payments crisis.

00:10The leader met with Christine Lagarde, the head of the IMF, this week in Dubai as the

00:15country faces a $12 billion deficit in its foreign exchange payments.

00:21The country has already been given $3 billion by the UAE and $3 billion by Saudi Arabia

00:27and has been negotiating with the IMF for some months now about a bailout.

00:33So far the talks have been extended further and further.

00:35There was hopefully a resolution in January that never appeared, so the conversation rolls

00:41on into February.

00:43But Khan tweeted yesterday that a convergence of interests had been found and that he hoped

00:49a resolution would be agreed upon with the IMF shortly.

00:52Elsewhere the UAE's Minister of Economy, Sultan al-Mansouri, has said that Britain

00:56has approached the UAE in hopes of securing a trade pact in the event of a no-deal Brexit.

01:03Of course, these types of deals take years to formalise often and al-Mansouri, who was

01:08speaking at a panel at the World Government Summit, said as much.

01:11He said that these agreements can often take many, many years.

01:15He didn't provide any other details aside from that, so we're yet to fully understand

01:19exactly how Britain approached the Gulf country and on what terms it was looking for a trade

01:24deal.

01:25But we do know that the clock is ticking down fast now with under 50 days left to go until

01:30Brexit.

01:31The UK has yet to be able to begin negotiating any trade deals with countries outside of

01:36the EU as it tries to formalise its exit from the union.

01:41And lastly, the Oracle conference is set to begin in Dubai tomorrow morning, typically

01:46only a conference that takes place in San Francisco this year.

01:49It will be happening in Dubai and Singapore as well.

01:52Our technology correspondent Nourshad Cherouil says that the conference is set to unveil

01:57a number of Oracle technologies that are coming to the region.

02:01The news comes after last month's announcement from Oracle that it will be opening a data

02:05centre in Abu Dhabi.

02:06It joins the likes of SAP and Microsoft, who will also be opening data centres in Dubai

02:12and Abu Dhabi later this year.

02:13That's all from me, I'm Ed Clouse.

02:15Until tomorrow, you can check out the latest headlines on gulfnews.com.

02:18Thanks for watching.

Daily Business Wrap - Imran Khan met Christine Lagarde in Dubai to discuss a bailout

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