General

Government is in talks with friendly countries for loans, Asad Umar

Finance minister Asad Umar on Saturday termed bailout package from International Monetary Fund (IMF) ‘indispensible’ for the troubled economy.
He was talking to media in Islamabad.
Startlingly, Umar was all praise for his predecessor as the incumbent minister claimed that Pakistan Muslim League Nawaz (PML-N) had no other option apart from approaching IMF. Umar added, “It was not Ishaq Dar’s fault to seek bailout”.
However, Umar stated that Pakistan would contemplate on all other available options if the would-be conditions of IMF are not acceptable.
Rubbishing rumors linking CPEC with the economic turmoil, Umar asserted that Pakistan would not use bailout package to repay the Chinese loans. “The accusations of United States linking bailout package with Chinese debts don’t hold ground. Pakistan will have to pay merely $300 mln in the next three years. There is no harm in sharing details of Chinese debt with IMF.”, Asad told reporters.
“The biggest reason for approaching the monetary agency is augmenting current account deficit. Furthermore, the rising oil prices will have all but negative impacts on Pakistan’s economy”, Asad warned while calling for an end to political interference in finance ministry.
On October 11, the incumbent government of cricketer-turned-politician Imran Khan formally requested IMF for financial assistance, setting in a motion a series of talks for potential bailout.
It is pertinent here to mention that Khan and his aides had denigrated the previous govt of PML-N over taking ‘excessive loans’. Khan in his election campaign had termed loans suicidal for country’s futile economy.