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Pakistan has no plans to go to IMF any time soon: Asad Umar

Finance Minister Asad Umar has said that his government has no plan to seek new loans from the IMF any time soon.

Pakistan is in talks with a visiting IMF team to discuss the mission’s suggestions, Umar said Friday.

“We are in discussion with them but this not to negotiate a loan,” Umar said.

The finance minister said that the talks would help Pakistan whenever it decides to seek a bailout. Umar said that the economy was undergoing a bypass and would improve with the efforts of the government.

Pakistan has gone to the IMF repeatedly since the late 1980s. The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle an economic crisis. However, there are fears that the terms of any new loan will be more stringent than those in 2013, due to tense relations with the US, the lender’s biggest donor.

In July, US Secretary of State Mike Pompeo voiced concerns over any IMF bailout being used to repay Chinese loans to Islamabad.

“There’s no rationale for IMF tax dollars — and associated with that, American dollars that are part of the IMF funding — for those to go to bail out Chinese bondholders or China itself,” Pompeo told US television station CNBC.

 

 

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