ISLAMABAD – Pakistan’s General Consul in Hong Kong Abdul Qadir Memon haswarned that International Monetary Fund (IMF) bailout package would comewith a heavy price.

IMF would impose strict restrictions upon Pakistan and heavy tax burdenwould also be imposed on general public.

Further more PTI government would also not be able to implement it’sreforms agenda.

He further said that IMF bailout package if any would not be used to repayits debt to China and would rather use them to continue financing itsimports.

According to a report in *Nikkei Asian Review, *Mr Memon was responding toa question-and-answer session following a speech at the ForeignCorrespondents Club in Hong Kong.

He said, “If the U.S. “vehemently” objects to an IMF bailout, we are goingto convince them that this money will not go to China. It will go tobalance our external accounts so that we are able to sustain our importsfor the next year or so.”

Mr Memon rebuffed assertions the Belt and Road Initiative (BRI) was to beblamed for the country’s financial crunch and the assumption it wouldapproach the IMF to repay Chinese loans.

“The balance of payments difficulties for Pakistan is because of high oilprices,” added Pakistan’s Consul in Hong Kong.

However, Mr Memon warned any IMF bailout would come attached with strictconditions which could harm the government’s ability to execute policies ifit agrees to the terms.

Furthermore, the government is exploring its options and it “may opt forother resources, and [the] People’s Republic of China, Saudi Arabia — inthe past we had this deferred payment imports of oil,” said Memon.

China had exhibited flexibility in its negotiations with Pakistan regardingterms and conditions of loans obtained, said Pakistan’s General Consul inHong Kong.

Mr Memon observed, “The payback period is longer, and Pakistan has nohistory of default.”