NewsAugust 03 , 2018
Asad Umar says Pakistan to decide on over $12 bn bailout in six weeks
NEW YORK: With Pakistan facing a serious financial crisis, Asad Umar, Pakistan Tehreek-e-Insaf leader likely to be the next finance minister, has estimated that the economy may need more than $12 billion to overcome it, with a decision on where to source the funds to be made within six weeks.
In an interview with Bloomberg, an international news service, Umar said that Pakistan's financing gap is somewhere between $10 billion to $12 billion, though the new government would need a bit extra so it does not live on the edge.
Asad Umar said the decision needs to be taken in the next six weeks, the further you go forward the more difficult, the more expensive the options become.
PTI leader went on to say Pakistan could turn to the International Monetary Fund, friendly countries and issue diaspora bonds to bolster the country’s depleting reserves.
Pakistan's deteriorating finances is a key challenge for new leader Imran Khan, who is working to form a coalition government after winning the most seats in last week's election.
Many investors and analysts see a bailout from China or the IMF as inevitable, Bloomberg said.
Umar said his party has not yet spoken to any potential lenders.
"No formal work can be started until the government is formed," he said.
Courtesy www.thenews.com.pk
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