US to oppose IMF bailout to Pakistan to repay Chinese debt, says top official

Updated: Dec 14, 2018, 13:25 IST | Agencies | Washington

Cash-strapped Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy

The US is making all efforts to ensure that any IMF bailout to Pakistan is not used to repay its Chinese debts, a senior Trump administration official has told lawmakers.

Cash-strapped Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.

A recent meeting between the IMF and Pakistan ended in a stalemate. The US feels that the huge Chinese debt was responsible for the economic challenges in Pakistan. "We are making clear within the IMF that if it were going to supply any funding to Pakistan, it would not be used to repay Chinese loans," David Malpass, Under Secretary of Treasury for International Affairs, said during a Congressional hearing.

Saudi to make biggest foreign investment in Pak
A Pakistan Minister on Thursday said, "The ball is in our court. It is going to the cabinet for approval next week, after which announcement [regarding biggest foreign investment] will be made."

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