US should worry about paying off their debt to China, says Asad Umar

Published: August 4, 2018
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PTI leader Asad Umar. PHOTO: EXPRESS

PTI leader Asad Umar. PHOTO: EXPRESS

ISLAMABAD: Pakistan Tehreek-e-Insaf leader (PTI) Asad Umar on Saturday said the US should pay heed towards paying off their own loans to China instead of worrying about Pakistan, reported Express News.

Umar, while talking to a foreign news outlet, categorically rejected US Secretary of State Mike Pompeo’s statement pertaining to International Monetary Fund (IMF) funds being used to pay off Pakistan’s debt to China.

He asserted that the PTI government will bring all China-Pakistan Economic Corridor (CPEC) agreements to the fore.

A sad Umar!

Umar also expressed how the country is facing a conundrum in the guise of foreign loans and the nation needs to decide from where to conjure up $10 to $12 billion dollars from within the next six weeks.

‘Either the nation can go to the IMF or friendly countries or sell bonds to overseas Pakistanis and raise the amount,’ Umar added.

While explaining the economic policy, Umer said neither Pakistan International Airlines (PIA) nor Pakistan Steel Mills (PSM) will be privatised.

He said PTI will turn government companies into wealth funds so that they cannot be politically influenced.

“Currency alignment should be decided by the state bank based on economic fundamentals, not by finance ministry based on political considerations. I don’t think the IMF wants free-float for Pakistan, it’s such a thin market,” Umar added. “To make businesses more competitive with regional countries, the new government plans to decrease taxes on energy supply factories and agriculture. We will cover up the lost revenue by introducing a wealth tax.”

Standard Chartered Bank to give $200m loan to Pakistan

A few days ago, US Secretary of State Mike Pompeo warned the IMF not to give Pakistan loans which they can use to pay off the Chinese loans.

The Chinese reacted angrily to this and said the US must not use IMF for its own vested interests, but instead look to promote prosperity in the region.

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Reader Comments (7)

  • Anoni
    Aug 5, 2018 - 12:06AM

    “introducing a wealth tax”

    that is exactly the reason people dont file tax returns. They know that goverment will scam them one way or the other.. income tax.. with holding tax.. withdrawal tax… and what not..

    Nothing changed in the mentality for tax.. First get the rich in the net before you talk about introducing taxes. Recommend

  • Atomic Power Of Islamic World
    Aug 5, 2018 - 12:36AM

    Dears Indian fellows
    First of all, you must read the auspicious career of Asad Umar then talk about him.
    Second, If It is easy for USA to print dollor and paid off her debt then you should pay heed to your economics concepts first.
    Lastly, focus on indian people atrocities i.e child’s rape is becoming norm of the your society. Recommend

  • Lahoribadshah
    Aug 5, 2018 - 12:45AM

    Indians
    Why Trolling Pakistani newspapers & news in doves, more than even Pakistani’s!

    Nothing worthwhile in India to do the in their pathetic Indian existence?
    Besides killing innocent Kashmiris ?
    Making mockery of a life in Assam,Manipur and Nagaland & for the Sikhs !
    Shame on the most pathetic,ignorant, radical? racist class of people !
    Shame never dawned on an Indian!
    MIND YOUR OWN BUSINESS!Recommend

  • cueball
    Aug 5, 2018 - 6:46AM

    USA pays off it’s T-Bills on-time/every time … that’s why there is an inexhaustible Worldwide demand for them and why the interest rate remains low. USA doesn’t solicit loans from China – China gets in line and purchases T-Bills like the rest of the World. Comparing T-Bills to CPEC demonstrates ignorance and/or Pakistani chest thumping – it’s inappropriate. Recommend

  • BrainBro
    Aug 5, 2018 - 9:59AM

    Saudi Arabia can dole out $12 Billion provided Pakistan plays an Egypt like role in Yemen.Recommend

  • BrainBro
    Aug 5, 2018 - 10:05AM

    IMF has put its foot down. Without privatizing PIA, Steel Mills and Electric Companies; no money.Recommend

  • rashid
    Aug 5, 2018 - 11:49AM

    US debt to China is in its own currency. If push comes to show it can print any amount of dollars it needs to repay China. Pakistan’s debt to China is also in dollars but we can’t print new dollars when we need to. We have to borrow them or earn them. Recommend

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