• Sunday, August 25, 2019

Pakistan not to approach IMF with new bailout plea

Discussion in 'Strategic & Foreign Affairs' started by OsmanAli98, Jan 13, 2019.

  1. OsmanAli98

    OsmanAli98 SENIOR MEMBER

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    Pakistan will not approach the IMF for a new bailout package and is considering alternative options to tide over its economic crisis, Finance Minister Asad Umar said Saturday.

    Minister Umar made the remarks during a meeting with businessmen at the Karachi Chamber of Commence and Industry.

    Umar told the participants that the Imran Khan-led government had decided against entering into any new bailout programme with the International Monetary Fund (IMF) for now and was exploring other possible avenues to help Pakistan's struggling economy get back on track.

    Pakistan was negotiating a $8 billion bailout package from the IMF to overcome a severe balance-of-payments crisis that threatens to cripple the country's economy.

    The government reached out to some friendly countries for economic assistance, including Saudi Arabia, the UAE and China.

    Umar told the Karachi businessmen that the government would be announcing a mini-budget on January 23.

    Source-Khaleej Times
    https://www.khaleejtimes.com/intern...tan-not-to-approach-imf-with-new-bailout-plea
     
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  2. KhalaiMakhlooq

    KhalaiMakhlooq SENIOR MEMBER

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    wooohooooooooooooooo! get lost IMF trying to enslave nations with your tentacles.
     
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  3. IceCold

    IceCold PDF VETERAN

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    Would love to see the look on SunilM face. Too bad he is banned at the moment. US and IMF can hug each other and **** off.
     
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  4. Pan-Islamic-Pakistan

    Pan-Islamic-Pakistan SENIOR MEMBER

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    Alhamdulilah. Imran Khan has done it.

    Pakistan is free to chart its own destiny.

    :pakistan::pakistan::pakistan:
     
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  5. War Thunder

    War Thunder SENIOR MEMBER

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    Don't worry there will be some new drama pretty soon from CIA/Mossad with some manipulation of Dollar rates to try and throw Pakistan back into IMF's lap.

    We have to be resilient and patient however and decide not to go for it no matter what.
    No one ever fixed themselves by going to IMF, and becoming a victim of the econominc hitmen.
     
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  6. Dark-Destroyer

    Dark-Destroyer FULL MEMBER

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    unfortunately the patience and understanding is what we lack and who needs enemies when you have Pakistani media
     
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  7. Osiris

    Osiris FULL MEMBER

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    Asad Umar has taken too many U turn, as far IMF bailout in concerned.

    Since PTI came to power, Pakistan has taken $15 Billion in short term loans. But two years down the line, all these loans are gona come due.

    And then again, either Pakistan will be at IMF door steps, for it hard to imagine, even friendly countries will bail out Pakistan again and again.
     
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  8. War Thunder

    War Thunder SENIOR MEMBER

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    Well a U turn for the common brains.
    Is strategic and clever play of words to bend the circumstances to ones liking for the advanced.

    It's called politics ;)
     
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  9. Riz

    Riz SENIOR MEMBER

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    Which $15 Billion loan you are talking about ? Write here or stop randi Rona like filthy patwaries
     
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  10. maithil

    maithil FULL MEMBER

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    Good Job. Western imperialist agencies should be avoided at all cost.
     
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  11. jupiter2007

    jupiter2007 SENIOR MEMBER

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    I think it’s an excellent strategy from IK and best political move if it’s true. I know Asad is trying to bring economy out of ventilator. IK government is on the right track but It will take sometime, 24 to 36 months will be enough to stabilize the economy.
    As far as the loans are concerned, We have got 12 billon (6 from China, 3 from Saudi and 3 from UAE) and if we are not going to IMF then another 6 to 12 billon from friendly countries (that should cover for 24 months). Loan from Saudi and UAE is on 3% interest and repayment can be delay for 3 to 5 years.
    Some ex-PMLN and ex-PPP people within PTI doesn’t like Asad Umar and they are using media against him but if Asad Umar is given time, I am confident that he will bring Pakistan out of this economic crisis
     
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  12. Osiris

    Osiris FULL MEMBER

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    You are forgetting about $6.2 Billion in deferred oil payments ($3 Billion from Saudi and $3.2 Billion from UAE). Repayment of money deposited in SBP has to start within 1 year of the first tranche. With Average of interest of 3.25%.
    Problem with taking so much debt from so many sources in such a short interval, is that they become due also around the same time.
    What are you gonna do 2 years down the line.
     
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  13. jupiter2007

    jupiter2007 SENIOR MEMBER

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    Don’t believe everything you read, there is lots stuff happens behind doors.
    Economy is going to turn around and Asad play his cards correctly we will get huge investments from foreign investors.
    Since we have a sincere and patriotic government, we have a higher trust with friendly countries compare to previous 2 governments. Our friends understand our economy situation and willing to work with us.

    I do have few suggestions that might be helpful for current government. We have been growing crops that are relatively low yielding and do not make enough revenue. To increase export revenue (or decrease import), we need to focus on following crops, sugar cane, sugar beet, tomatoes, Grapes, Ginseng, Rapeseed, olives, Tea, Coffee, Cocoa, tobacco, Cannabis (for medical use), saffron, Sunflower seed, lavender, Goji Berries.
     
    Last edited: Jan 13, 2019
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  14. VCheng

    VCheng ELITE MEMBER

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    Let us see what that mini-budget brings and its aftermath. After all, going to IMF, or not, is a choice to be made by Pakistan alone.
     
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  15. Meengla

    Meengla SENIOR MEMBER

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    Good post.
    Yes, buying time is the currently strategy and seems to be working. Also, I don't think countries like KSA and UAE (and perhaps even China) would deal with Pakistan too harshly--there often ARE strategic and emotional ties even in international matters.
    PS. Pakistan has been in bad situations before and with and without IMF's help has gotten out. So... 'Lord willing and the creek don't rise', shall do so again. IMF is only so evil as the borrowing country allows it to be.
     
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