November 27, 2018 / BY Faizan Shahzad

Pakistan is not in a rush on taking IMF Loan, says Asad Umar

The new PTI Finance Minister decide to take IMF loan in order to fill the financial gap of $12 billion which is caused by the crisis of balance of payments. However, Saudi Arab has already given $1 billion out of $3 billion to overcome the crisis.

While addressing the conference in Islamabad on Wednesday, the Finance Minister Asad Umar said we want to have International Monetary Fund (IMF) program but we are not in a hurry to get it. He further added that Pakistan can further wait for two months before we decide to take an IMF Program.

Earlier in his remarks. Asad Umar hinted mid-January as the date of getting the loan after getting the board’s approval. The recent visit of Prime Minister Imran Khan is also an evidence of getting support to reduce the balance of payments gap, however, the PTI’s government is hopeful to receive further assistance.

The financial minister Asad Umar, is also striving to tap Asian Development Bank, World Bank, and other private markets in the coming months. This multifaceted support and private inflow also help in global market along with IMF support. According to the recent reports, government and IMF still unable to achieve the final conclusion because the adjustment pace which is asked by the fund was too fast for the current government.

On the other hand, while discussing the current economic situation, the chairman of AKD Group, Aqeel Karim Dhedhi showed his support towards Asad Umar policies. He seemed hopeful that the new finance minister and his expert team would be able to make things go in favour of Pakistan economy.

Previously Asad Umar announced that the next IMF loan is going to be the last deal while assuring all the stakeholders. He also made sure the government’s contribution to making the capital market better. The situation of the stock market is straightforwardly linked with the country’s economy, therefore, if we need to see the development in the stock market we must work hard on Pakistan's financial development.

The government decision of taking IMF loan has raised much concern up till now. While commenting on the recent declination of the economy of Pakistan, Aqeel Karim Dhedhi said if a government IMF loan, all the investors will take their investments out from the stock market which may devalue the country’s currency.

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