ISLAMABAD: Finance Minister Asad Umar on Saturday termed bailout package from International Monetary Fund (IMF) ‘indispensible’ for the troubled economy.
Talking to media here, Umar claimed that Pakistan Muslim League Nawaz (PML-N) had no other option apart from approaching IMF, adding “It was not Ishaq Dar’s fault to seek bailout”.
However, Umar stated Pakistan would contemplate on all other available options if the would-be conditions of IMF are not acceptable.
Dismissing rumors of 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. —INP