National economy may need over $12bn loans within 6 weeks: Asad

ISLAMABAD: Pakistan’s Finance Minister in waiting Asad Umar says the national economy may need more than 12 billion dollars infusion of loans within six weeks.
In a media interview, he said the nation’s financing gap is somewhere between 10bn dollars to 12bn dollars, though the new government would need a bit extra.
He said Pakistan could turn to the International Monetary Fund, friendly countries and issue Diaspora bonds to bolster the nation’s depleting reserves.
Asad Umar said Tehreek-e-Insaf has not yet spoken to any potential lenders and no formal work can be started until the government is formed.
He said his party will not attempt to privatize Pakistan’s loss-making state companies such as Pakistan International Airlines and Pakistan Steel Mills.
He said within the first 100 days of the new administration the state-owned firms will be shifted into a wealth fund, similar to Singapore’s Temasek Holdings Pvt Ltd to remove them from political interference. – NNI

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