Finance Minister Asad Umar said on Tuesday that “Pakistan’s immediate balance of payment crisis is over” without mentioning the talks with the IMF in Islamabad. Umar’s comments came after Prime Minister Imran Khan visited main allies Saudi Arabia and China last month. Khan secured $6 billion in assistance from Riyadh while Beijing promised help cover a projected $12 billion shortfall in foreign exchange to service Pakistan’s debt. Confidence boostBut the Saudi and Chinese help could put the government in a stronger position to negotiate better terms with the IMF, Saad Hashemy, chief economist for local brokerage Topline Securities, told Reuters. “The statement by the finance minister is a big confidence booster for the economy,” Hashemy said.
Source: Egypt Independent November 07, 2018 10:30 UTC