Pakistan not in a hurry for IMF package: Asad Umar

ISLAMABAD: Finance Minister Asad Umar said on Wednesday that Pakistan wasn’t in a hurry for a package from the International Monetary Fund (IMF).

“We still want to have the program,” Umar told Bloomberg. “But we’re not in hurry to have it. It’ll ease and open up funding avenues.”

The Pakistan Tehreek-e-Insaf (PTI) government has decided to approach the IMF to bridge the $12 billion financial gap caused by a balance of payments crisis. Pakistan has already received $1 billion from a total of $3 billion pledged by Saudi Arabia to overcome the crisis.

Pakistan and the IMF have been unable to reach a staff-level agreement over the pace of adjustments and conditions during discussions held in November. According to reports, Pakistan has refused to demands of sharing full details of the China Pakistan Economic Corridor (CPEC), tightening monetary and fiscal policies.

The finance minister added that Pakistan’s request would be taken by the IMF in time for January meeting of its executive board.