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Pakistan to finalize on over $12 bn bailout within six weeks, says PTI’s Asad Umar

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Pakistan confronting serious economic emergency, Asad Umar, PTI’s leader said, evaluating the indicators economy may require more than $12 billion to overcome it and where to procure the funds, the decision will be made in next six weeks.

Asad Umer is likely to be sworn in as minister for finance in the newly elected government ahead.

In an interview with Bloomberg, an international news service, Umar said that Pakistan’s financing gap is somewhere between $10 billion to $12 billion, though the new government would need a bit extra so it does not live on the edge.

Asad Umar said the decision needs to be taken in the next six weeks, the further you go forward the more difficult, the more expensive the options become.

PTI leader went on to say Pakistan could turn to the International Monetary Fund, friendly countries and issue diaspora bonds to bolster the country’s depleting reserves.

Pakistan’s deteriorating finances is a key challenge for new leader Imran Khan, who is working to form a coalition government after winning the most seats in last week’s election.

Many investors and analysts see a bailout from China or the IMF as inevitable, Bloomberg said.

Umar said his party has not yet spoken to any potential lenders. “No formal work can be started until the government is formed,” he said.

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