Govt can afford to wait for IMF bailout: Asad Umer

Last updated on: 28 November,2018 09:07 pm

We are covered even if it delays for two months

ISLAMABAD (Dunya News) – Finance Minister Asad Umer on Wednesday said that government can afford a two-month delay to stalled bailout negotiations with the International Monetary Fund (IMF) with talks set to continue on Thursday.

In his interview with Bloomberg, the minister said that “We aren’t in hurry.” “We are covered even if it delays for two months.”

“We still want to have the program,” Umar said. “But we’re not in hurry to have it. It’ll ease and open up other funding avenues.”

Earlier in November, discussions with the IMF hit an impasse over the fund’s proposed changes to Pakistan’s currency and tax policy. Umar said Pakistan’s request will be taken by the IMF in time for a January meeting of its executive board.

Pakistan is looking to bridge a financial gap of at least US$12 billion caused by its latest balance of payments crisis. The nation’s foreign exchange reserves have dropped to the lowest in more than four and a half years.

State bank of Pakistan (SBP) confirmed last week that it had received $1 billion from a total $3 billion direct support deposit pledged by Saudi Arabia.

The package was promised after Prime Minister Imran Khan was one of the few heads of state to attend the Future Investment Initiative in Riyadh after it emerged Jamal Khashoggi, a Saudi critic, was killed inside the kingdom’s consulate in Istanbul in October.