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Pakistan Finance Minister Promises This IMF Loan Would be 'the Last One'

Prime Minister Imran Khan's administration has sent mixed messages over whether Pakistan will enter another IMF programme, with the former cricketer suggesting this week that going to the fund may not be necessary.

AFP

Updated:October 20, 2018, 5:09 PM IST
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Pakistan Finance Minister Promises This IMF Loan Would be 'the Last One'
File photo of IMF Headquarters. (Image: Reuters)
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Islamabad: Pakistan's finance minister promised Saturday to end the country's reliance on International Monetary Fund bailouts to shore up its shaky economy, as officials prepare to negotiate a new loan.

Asad Umar's pledge comes days after Pakistan's central bank warned inflation could double in the coming year — hitting 7.5 percent — while the country’s growth target rate of 6.2 percent would likely be missed.

"This will be the 13th and the last IMF programme," Umar said during a speech at the Karachi Stock Exchange.

Prime Minister Imran Khan's administration has sent mixed messages over whether Pakistan will enter another IMF programme, with the former cricketer suggesting this week that going to the fund may not be necessary.

But Umar spoke in grave terms of the country's balance of payment crisis, which has sparked a depreciation of the rupee and sent stocks tumbling.

"We are heading towards bankruptcy very fast. We have to save the 210 million Pakistanis," Umar added.

An IMF team is set to arrive in Pakistan in early November to begin negotiations.

Similar vows to end reliance on IMF loans have been made by past governments including former premier Nawaz Sharif's administration, which received a $6.6 billion loan to tackle a similar crisis in 2013.

Khan's new administration took office in August vowing to weigh up whether to seek an IMF bailout as it sought other avenues of financing, including from "friendly" countries such as China and Saudi Arabia.

But aid has been in short supply and economists' warnings have grown urgent.

The government also announced this week that Khan would attend a controversial Saudi Arabian investment summit in the coming days.

The meeting has been shunned by leading policy-makers and corporate chiefs in response to the death of journalist Jamal Khashoggi at the Saudi consulate in Istanbul — a scandal that has tipped Riyadh into a diplomatic crisis.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Nitya Thirumalai
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