Islamabad: Finance Minister Asad Umar expressed on Thursday that there is no tension is Pakistan regarding bailout package from the International Monetary Fund (IMF) and country’s economy would not go down or surrender before their economic support and dictation.
“I understand where this question is coming from. They are worried why we are not going down on our knees; we will not go down on our knees and there is no need to go down on our knees,” the finance minister responded.
FM Asad Umar replied this when a question struck him and said the feeling among the Washington-based multilateral lenders was that Pakistan is taking expensive loans from other countries as opposed to IMF, World Bank and International Finance Corporation (IFC) at almost zero markup.
Asad Umar addressed in a post-budget news conference, Adviser to the Prime Minister on Commerce and Industries Abdul Razak Dawood, Minister of State for Revenue Hammad Azhar and Federal Board of Revenue chairman Dr Jehanzeb Khan were beside him during the conference and expressed their opinions and lauded the fiscal budget out forward by the PTI government.
“I have worked with the IFC and no one would be a bigger fool if he thinks they provide loans at no cost,” the finance minister said and added that fiscal help extended by Saudi Arabia, the United Arab Emirates and China was not even half of 8-9 per cent.
He said that Saudi Arabia deposited the amount in foreign reserves at a rate of 3% and this is absolutely less. He further said that Pakistan is not in hurry to go to IMF and accept their demands which are of no significance in our future.
He said that gap is greatly reduced and IMF will be contacted when there will be no urgency and pressure, and we will see if we need more loans or not. Haste and hurry will be of no use to our economy.