Islamabad: Finance Minister Asad Umar has said that the government would not sign agreement with IMF if it would proffer some hard and unbearable conditions for the loan.
He was talking to a press conference on Saturday here. He said that in the past Pakistan signed loan agreement 18 times with the IMF but this time a storm in a tea cup was heaved from every nock and corner of the country. It seemed that PTI’s government has carried out any outlandish job.
He said that the loans taken from China have nothing to do with IMF bailout package. In this connection the statement of USA’s State Department is totally wrong.
“The opposition leader Shahbaz Sharif and PPP’s leader Raza Rabbani uttered about me in the parliament that Asad Umar said that PTI’s government would not go to IMF . But as a matter of fact I never talked about not going to IMF rather it is might be possible that Imran Khan has said such thing during his election campaign”, he added.
He said that in current financial circumstances the bailout package from IMF was very essential because the level of foreign reserve touched to Rs 8.40 billion, trade deficit swelled due to price hike of natural gas and electricity , imports were enhanced due to ban imposed on Iran and above all running fiscal deficit was 2 billion dollar per month.
The finance minister said that in the past Pakistan went to IMF for 18 times, out of which seven times the military dictators took the loan from it whereas PPP and PML(N) collectively inked 11 loan accords with International Monetary Fund.
He said that the PM decided to go to IMF against his will after long consultation and the finical state of affairs compelled government to take this complicated step. Before general elections , financial deficit was growing constantly in the months of May, June and July. Only the decision to lend money from IMF caused the raising the stock exchange index up to 600 points.
Asad told the journalists that Pakistan is also affected with the imposition of ban on Iran by America. Financial crucnch prevails everywhere and there is ambiguity in the international market. The enhancing of petroleum prices also disturbed Pakistan’s balance of payment and there would be also danger in the future too. The devaluation of rupee was executed by State Bank. But some other countries also cut the value of their currency more than Pakistan.
