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Pakistan could get by without an IMF loan: Finance Minister Asad Umar

Finance Minister Asad Umar has said that it is possible for Pakistan to manage its financial situation without approaching the IMF for a loan. 

He told senior journalists that there are no conditions for the financial package from Saudi Arabia. He said the government has taken a loan at a 3% interest rate.

We will not increase electricity and gas prices for low-income earners, he added.

Related: Pakistan doesn’t have enough dollars this year: Moody’s

Talks are ongoing regarding packages from the UAE and China, said the finance minister. There was an increase in exports in December, he told the journalists.

However, Pakistan’s current dollar reserves, which stand at $7.2 billion, are not enough to repay our foreign loans and plug in the trading loss ($2.3 billion per month) this year, according to Moody’s. Pakistan needs $12 billion to meet its external financing needs till June 2019.

 

 

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