Pakistan says not mulling over new IMF bailout

Pakistan says not mulling over new IMF bailout
Click for full image

Islamabad: Pakistan on Thursday said it has no intention to ask the International Monetary Fund (IMF) for any new financial assistance.

Minister of State for Finance Rana Muhammad Afzal Khan said in Karachi that various local and international financial institutions in the latest reports have presented a positive economic outlook for Pakistan, which is a clear indication of economic progress of the country, Xinhua news agency reported.

Dispelling the notion that the government is facing a financial crunch, the minister clarified that his country has enough financial resources to not only meet developmental expenses but also pay off local and international debts.

He further said that Pakistan carries enough foreign exchange reserves to cater to its debt obligations. “Pakistan has $19.7 billion in foreign exchange reserves.”

He went on to say that the government is looking to form a short-term strategy for six months to leave the country in a healthy financial condition ahead of the next general elections.

Giving a clear picture of the country’s imports and exports, Afzan said the import of unnecessary goods has been reduced while exports of the country’s products have increased 17 per cent in the first five months of the Financial Year 2017-18. The shaping trend will help reduce the fiscal deficit gap in the months to come, he added.

—IANS