*ISLAMABAD – In a first the PTI finance minister in the upcoming governmentAsad Umar has hit out at the US secretary of state remarks over Chinesedebt for Pakistan.*
*He has said that the US should worry about its own Chinese debt and let usworry about our own.*
US Secretary of State Mike Pompeo had warned that any potential IMF bailoutfor Pakistan should not provide funds to pay off Chinese lenders.
“One piece of friendly advice to the Americans: we’ll worry about ourChinese debt, but I think they better handle their own Chinese debt first,”said Umar.
He acknowledged that Pakistan does have a serious external debt problem,however, “we don’t have a Chinese debt problem.”
Umar said that the country needs around $12 billion and the decision aboutwhere to get this needs to be made soon.
“The decision needs to be made in the next six weeks. The further you goforward the more difficult, the more expensive the options become,” Umartold Bloomberglinkinan interview on Thursday.
He hinted that in order to increase its foreign reserves Pakistan can evengo to the International Monetary Fund besides approaching friendlycountries and issuing diaspora bonds.
This is in total contrast with the promises that PTI had made during itselection campaigns. The party had said that it would not take any moreloans under any circumstances.
The PTI leader said they have yet to approach any potential lenders. “Noformal work can be started until the government is formed,” he said.