'US doesn't have powers to veto IMF decisions': Asad Umar dismisses Washington's statements
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Finance Minister Asad Umar on Saturday dismissed US statements about reviewing Pakistan's debt position before evaluating Islamabad's request for a loan from the International Monetary Fund (IMF).
Talking to reporters after returning from Indonesia, where he attended the annual meetings of the World Bank and IMF, Umar said the United States does not hold the power to veto decisions by the Fund.
The US is the largest contributor to the IMF and has 17.68 per cent of voting rights in major decisions. China is third, behind Japan, and controls 6.49pc of the vote.
The US had on Thursday said that it will examine closely Pakistan's request for an IMF loan, adding that “part of the reason that Pakistan found itself in this situation is Chinese debt”.
Read: US to review Chinese debt before decision on Pakistan’s loan request
Asked at a news briefing how Washington would deal with Pakistan’s request, State Department spokesperson Heather Nauert said: “In all cases, we examine that closely from all angles of it, including Pakistan’s debt position, in evaluating any type of loan programme”.
Umar defended the government's decision to approach IMF for a bailout, saying it was "inevitable". He said the country immediately needs $12 billion and the crisis could worsen if Pakistan does not opt for a loan programme.
He said efforts are underway to obtain foreign exchange from other sources as well.
"We are going [to the IMF] for the 19th time and we wish that it is the last time we do so," the minister said, announcing that an IMF delegation will reach Pakistan on November 7 for talks on the programme.
Umar reassured that the government will not accept any condition from the IMF that could harm Pakistan's national interest. "The decisions are to be taken by us, not the IMF," he added.
He said the country is having to go to the IMF once again due to the flawed economic policies of the previous government.
In response to a question, Umar said the recent depreciation in rupee's value was done by the central bank and that it was the policy of the Pakistan Tehreek-i-Insaf (PTI) government that the "State Bank should decide the exchange rate".
He said there was no truth to the reports that Pakistan had agreed to some "conditions" in exchange for help by Saudi Arabia, China and the United Arab Emirates.
Umar said talks are currently underway regarding oil supply on deferred payment from Saudi Arabia. A proposal to secure oil for three months on deferred payment is currently being considered, the minister revealed.
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Comments (162) Closed
Oct 13, 2018 10:24pm
every one has to follow us
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Oct 13, 2018 10:26pm
Statements like this are not going to help Pakistan at all. These ministers and politicians need to think before saying anything against USA. This is new USA under Trump, if you don’t understand Trump yet, than you are destined to suffer.
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Oct 13, 2018 10:27pm
My advice: don’t escalate. Get the loan first and then challenge the Super Power.
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Oct 13, 2018 10:27pm
Asad Umar is lying to nation. Technically US cannot veto IMF decision but practically IMF will not take any decision against the US wish.
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Oct 13, 2018 10:29pm
U S can influence IMF , don't u know.As of now it could had been better to shut urs mouth but now u since challenged I am afraid u have done damage to your country
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Oct 13, 2018 10:29pm
The US does have the power to steer IMF decisions. Imran needs to remove Umar, and install a seasoned investment banker (with US work experience) as the finance minister of this state. Mr. Asad has no idea what he's doing. Selling milk and urea products are not the same as managing macro economics of a country.
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Oct 13, 2018 10:30pm
A loud mouth often gets into trouble.
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Oct 13, 2018 10:35pm
Here we go , one more statement for local consumption.
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Oct 13, 2018 10:37pm
Alrite then be brave, and keep USA away from our internal matters like sharing CPEC details with it !
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Oct 13, 2018 10:37pm
Why create confrontation with the US by making very stupid statements? Is the finance minister working under cover for the N league to undermine the PTI government?
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Oct 13, 2018 10:37pm
Could we stop doing more which is against the interests of our country and its people?
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Oct 13, 2018 10:38pm
Really ?? You are dreaming Mr. Umer. Just wait and watch how influential US really is in IMF
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Oct 13, 2018 10:40pm
Just for info. India too is a top ten member of IMF and has around 3% voting rights. Together India Japan the US has around 30% of the voting rights. France too would support the US. Pakistan must realize that China can do only So much and this time China may not even be keen.
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Oct 13, 2018 10:41pm
It is not a bad idea for a third party to examine CPEC loans, since it is PTI's position that the former regime was corrupt. Since PTI government has not done any promised review public needs to know who benefited from those loans?
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Oct 13, 2018 10:41pm
18% of financing of fund is by US and he is saying it has not veto right.
Btw why not first approach china and ADB before going to IMF.
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Oct 13, 2018 10:41pm
He is right.
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Oct 13, 2018 10:41pm
Why did u took so long to admit this.As a lay man i know that IMF is the best place for bridge financing.Sentiments and decision making always play a big role in finacial stability where you were foynd lacking during the last 45 days.We need the complete details of our foreign and local borrowings till date.
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Oct 13, 2018 10:41pm
That's Panic Asad. US can dictate terms. I would suggest we should keep contingency plans such as major austerity measures. Reduce imports drastically, get cars manufactured inside the country, etc.
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Oct 13, 2018 10:41pm
There is a difference between wish and reality. Hope you are correct
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Oct 13, 2018 10:43pm
Imran once said he would prefer suicide instead of taking loan from IMF. Was that only for vote or he didn't have the idea about country's condition before becoming PM.
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Oct 13, 2018 10:45pm
As per the GDP, Pakistan is 41st in the world and as per military power, we are 6th in the world! This is the only reason why we had to go to IMF for 19 times for bailout! If we don’t reduce our military expenses drastically, there is no doubt we will go to IMF again for the 20 th time!
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Oct 13, 2018 10:45pm
Sorry sir but USA being largest donor to imf has huge sway over imf. Its high time you stop pretending Pakistan has sway over imf and reveal facts to the public.
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Oct 13, 2018 10:47pm
"'US doesn't have powers to veto IMF decisions': Asad Umar dismisses Washington's statements."
This kind of "naivete" has already hurt IK and Pakistan; AU is minor league player ,he does not belong in the major league!
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Oct 13, 2018 10:49pm
Yes, but IMF decision will be based on US input. Wait and watch.
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Oct 13, 2018 10:49pm
For the IMF loan to go through, Executive Board approval by an 85 percent majority of the total voting power is required. Contribution to the fund: US 16.52% + India 3.05% = 19.57%. Need I say more?
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Oct 13, 2018 10:51pm
You need 85% of the vote of member states to make any major changes to IMF and US alone has 16% of the votes. Essentially US calls the shots in IMF, Mr. Asad Umar need to stop fooling people.
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Oct 13, 2018 10:51pm
Quote from IMF site:
Votes on substantive issues need 85 per cent approval, granting the US (with its 16.46 per cent quota) effective veto power over any major decisions.
Assuming a loan is considered a substantive issue, then USA can block, but happy to be proved wrong!
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Oct 13, 2018 10:52pm
Asad Umar should not antagonize US government, they are the biggest contributor to IMF.
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Oct 13, 2018 10:52pm
Always false Bravado followed by humiliation. PTI are a bunch of kids making Pakistan a laughing stock in the World.
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Oct 13, 2018 10:54pm
As the saying goes ‘Modest in speech, excel in action’. Minister saab, US remittance to Pakistan is over $2b, which your govt plans to turn two fold. Therefore, unless you have a strategy planned behind the scenes, recommend you not to risk further US trouble, at least not at this point in time.
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Oct 13, 2018 10:55pm
Release dr shakeel and USA probably will consider helping Pakistan securing this new IMF loan.
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Oct 13, 2018 10:55pm
Mr. Finance Minister should think twice before he speak against US.
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Oct 13, 2018 10:55pm
Can’t believe he is saying that, looks like PTI came totally in prepared
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Oct 13, 2018 10:57pm
unwanted and useless statement at inappropriate time
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Oct 13, 2018 10:58pm
US has not said it will veto the decision if IMF wants to give loan to Pakistan! It has just said, it will review Pakistan’s debt position, which IMF has also said it will review! But USA can certainly influence the IMF decision. So we must talk carefully about USA, and not always criticise them!
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Oct 13, 2018 10:59pm
Why do you want to aggravate the situation? Lot of board members are from USA.
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Oct 13, 2018 11:03pm
Amidst the present regional and wider geopolitical tussle against the CPEC project, the minister's statement lacks depth and conviction.
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Oct 13, 2018 11:04pm
You cannot live in Rome and fight with Pope!!! Enough said.
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Oct 13, 2018 11:09pm
I cant help but have a gut feeling that USA is being set up to take a nose dive.
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Oct 13, 2018 11:15pm
Aimed at local audience...not much truth to it. I was expecting much better from this new government.
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Oct 13, 2018 11:17pm
Thats a good stance and in the short term, IMF isn't the only option. A 'Positively engineered Inflation' could work out just as well, but wouldn't be popular as nobody understands not they want to. A small stamp duty on property sales and rental income may also add value.
It would only be a matter of time for keyboard warriors start lecturing how the country should be run.
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Oct 13, 2018 11:18pm
Bravado statements and U-turn after few months. It's 19th time going to IMF. Something is fundamentaly wrong and that need to be fixed.
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Oct 13, 2018 11:19pm
You shouldn't have said that!! Now U.S will show you what it can do!!
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Oct 13, 2018 11:20pm
The US has its nuisance value bigger than all in such matters.
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Oct 13, 2018 11:26pm
Another ill articulated statement by Finance Minister. US hopefully will not easily digest. Road to IMF even made more bumpy.
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Oct 13, 2018 11:28pm
So immature and dangerous statements from any angles at this very critical time- US don’t have power and decisions are ours not IMF’s. Then every day, every statement still blaming previous governments. Childish approach too. Get onto the job now and fix the mess!
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Oct 13, 2018 11:29pm
Pakistan Finanance Minister is not fully informed about the voting power and decision matrix at the IMF. Majority of 86% is required to pass any decision. The US holds a little over 16% so it has the voting power to block any move.
Europe controls IMF and appoints the MD. While the US controls the World Bank and appoints the President.
Finance Minister of Pakistan is advised to read before opening his mouth.
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Oct 13, 2018 11:29pm
And Pakistan cannot hide CPEC deal terms with China from IMF!
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Oct 13, 2018 11:29pm
Do these kind of statements help or harm our national interest?
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Oct 13, 2018 11:30pm
What planet this dude live on?????
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Oct 13, 2018 11:31pm
The United States is the IMF's most powerful member, and its influence reaches even into decision-making concerning individual loan agreements. The United States has "leadership role" at the IMF, and the United States' "ability to shape international norms and practices".
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Oct 13, 2018 11:33pm
US will then take action in some other method
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Oct 13, 2018 11:36pm
What’s the need of making loose statement. US can get nasty.
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Oct 13, 2018 11:37pm
Better avoid such immature statements. You have seen what US can do in ladt FATF summit.
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Oct 13, 2018 11:39pm
What do voting rights mean to the respectable finance minister?
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Oct 13, 2018 11:39pm
Imran Khan Niazi not satisfied with the performance of Asad Umar.
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Oct 13, 2018 11:40pm
Ohhh...man...nooooo Minister should have given such a irresponsible statement. He should have kept all the doors open. You don't want to have US on the other side of bench in this particular situation. At this very moments, all ministers should stay away from making any statements which could come back and bite them. They are representing Pakistan and should keep Pakistan's interest in the center, nothing else. US can swing this to other way.
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Oct 13, 2018 11:41pm
Why PTI gov give such statements for which they have to back track. US can do it by hook or crook
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Oct 13, 2018 11:42pm
USA still DOES have veto power in IMF.
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Oct 13, 2018 11:43pm
Deniability and stupidity.
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Oct 13, 2018 11:43pm
Sir don't say with such surety that USA cannot create problems in IMF loans. Last time your government had to eat it's own word. Don't make it a habit.
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Oct 13, 2018 11:44pm
....an immature statement.
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Oct 13, 2018 11:45pm
I am an Indian but I think all Pakistani should support ik at this time
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Oct 13, 2018 11:46pm
Brave words indeed, let's wait and see how long it takes to do another U turn on this , I bet one week , any other guesses ?
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Oct 13, 2018 11:49pm
US does not have power to veto IMF decisions, but US has influence on all IMF members except perhaps China to agree to it.
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Oct 13, 2018 11:51pm
Very smart! Challenging Trump to do anything against Pakistan!
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Oct 13, 2018 11:53pm
When will pakistan learn the art of deplomacy?
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Oct 13, 2018 11:54pm
Why make these kind of statement. A simple statement like that we would like to work with all our creditors would be much better than making your vote bank happy.
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Oct 13, 2018 11:54pm
Do not start a fight with the USA. You won't get a dime from the IMF.
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Oct 13, 2018 11:57pm
It's internet age Asad Umar.All information is available on web.
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Oct 13, 2018 11:57pm
Don't make the mistake of discounting US influence. They don't need legal or moral authority to do anything;Iraq invasion in 2001 is a recent example!
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Oct 14, 2018 12:00am
"He said the country is having to go to the IMF once again due to the flawed economic policies of the previous government."
That is exactly correct
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Oct 14, 2018 12:00am
Asad sb get real smell the coffee..we dont have a sayso but USA does..
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Oct 14, 2018 12:10am
Before giving him finance Ministry I wish some one would teach him basics of deplomacy. Now sure how country’s finance is given in his hand and Pak is expecting some revolution. Are you kidding?
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Oct 14, 2018 12:11am
Immature and irresponsible statements like this one will further damage Pakistan’s already fragile relationships with the United States.
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Oct 14, 2018 12:11am
@Gee better answer would be , " we hope all our friends and Ally's step forward to support and not deter our economic programe and the loan request is part of that programe.... "
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Oct 14, 2018 12:19am
What's the need to issue such statements, Mr. Asad Umer?
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Oct 14, 2018 12:21am
China 6 %, Saudi Arabia 2 % and Turkey 1 % of the votes. If a fight takes place, Pakistan can perhaps count on 9 % of the votes. Rest 91 % either side with the US or don't really care so they can be persuaded to vote with the US. It is in Pakistan's interest not to get into a fight.
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Oct 14, 2018 12:24am
Pakistan has old habit of challenging the super power.
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Oct 14, 2018 12:25am
I have doubt on Asad Umer capability, decision making, tracking, understanding debt, human management, placing right person for right job, Asad still trusting old guard of Zardari+Nawaz, who dumped this huge debts, where the put this money, Asad has to do personal audit & Inspection of these huge debts, he still taking help from SBP Gov, Finance secretary, is he judging right person or follow the same old police, I have 2 suggestion he should not follow the old suggestion of finance ministry to tax gas,petrol, these will damage general public, this is wrong, instead, he should increased Rs.1000 on Business /First classes, charged over 1000 cc cars Rs.1000, charged every home of 500 yds Rs.1000, charged 15 acres and over Rs.1000. These are over and above what ever you paying and this Rs.1000 is on top. Look how much you generating revenue, your policy is wrong, you are not ready to perform finance job.
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Oct 14, 2018 12:27am
Am I mistaken to construe that even in Naya Pakistan we have no option but to take loan? Am I mistaken to profess that loan is neither charity nor alms and hence it had to be paid back under all circumstances with interest how so ever low it could be? Am I also mistaken to quote what PM Imran has repeatedly old the nation that previous governments had been taking loans to repay loan? Am I mistaken to say that from loan point of view Naya Pakistan is like Old Pakistan? If our finance minister cannot devise any loan free economic policy to run the country I suggest PM Imran should urgently call a meeting of Pakistani wizards both from inside Pakistan and overseas specialized in financial administration and economic planning to sit with finance minister and his team to chalk out the logistics to run the country devoid of loans. This is do and die situation, if not annoying. Iqbal Hadi Zaidi
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Oct 14, 2018 12:35am
Idiotic statements from people who have clearly bitten off more than they can chew.
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Oct 14, 2018 12:35am
For the IMF loan to go through, Executive Board approval by an 85 percent majority of the total voting power is required. Contribution to the fund: US 16.52% + India 3.05% = 19.57%. Need I say more?
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Oct 14, 2018 12:35am
That was a stupid statement to make when the country is on the brink of an economic collapse.
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Oct 14, 2018 12:36am
Great job antagonizing the US and challenging Trump to deny IMF loan to Pakistan. I thought the officials of the PTI government were more educated and would behave in a more mature manner than the previous government officials but I have to say that so far from what I've seen, they're even less professional & mature than their predecessors.
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Oct 14, 2018 12:37am
What a silly, brutal, cruel and stupid joke? In fact, both IMF and World Bank are in total command and control of the U.S. administration. They can do whatever they want and instruct them to hold or fold anytime regarding any matter including the application of any country seeking loans and financial help from these two institutions.
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Oct 14, 2018 12:40am
There was no need of this statement, this shows your desperation
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Oct 14, 2018 12:44am
"Think Again," Mr. Asad Omar. If America says -NO. It's a -NO.
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Oct 14, 2018 12:47am
I think these ministers are in infancy period of their ministrial life. Better to judge international situation first before issuing any formal statement. Their u turns might be acceptable for local people but international community doesn’t like it at all.
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Oct 14, 2018 12:54am
Mature political and economic strategy involves not antagonizing potential opponents in the IMF, but working with both allies and opponents to create a "win-win" situation. Japan and China are the second and third largest contributors to the IMF. Japan being an island nation with a small land area needs oil and agricultural products. Pakistan has undersea and land oilfields in Baluchistan contiguous with Iran and the Gulf. Previous corrupt government officials have taken bribes reportedly from outside interests not to exploit these fields. IK should develop the oil resources with the objectives of national energy supply and export to Japan.
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Oct 14, 2018 01:03am
This man is talking too much. Someone should tell him you can not go against the sole super power either by talk or deeds. This is not the first time he did this.
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Oct 14, 2018 01:05am
If the US had power to ease the repayment amounts for previous IMF bailouts, then it also has the power to create hurdles for this bailout!
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Oct 14, 2018 01:07am
Mr Asad Umar , US doesn't have veto powers but what makes you think other IMF members will approve the loan without nay conditions?
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Oct 14, 2018 01:17am
what a joke
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Oct 14, 2018 01:28am
So basically China has 6.49 votes and Pakistan 0.2 %. Don't really think that is enough too.
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Oct 14, 2018 01:32am
Is it 85% as 1 member, 1 vote or as a percentage of shareholding which USA holds at little under 18%.
If it’s first scenario, then minister’s statement
is correct but if it’s the second then best to make U-turn now rather then later!
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Oct 14, 2018 01:51am
May be its a deliberate attempt to antagonise Trump, in an attempt to face save as China has refused to open any CPEC contract
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Oct 14, 2018 02:08am
Scary to think the financial stewardship of Pakistan is in this mans hands.
He and his boss are already gaining weight eating their own words. The government is hardly 2 months old and the number of false steps gives no comfort or confidence. Be it the set up of the economic advisory body and firing of the Princeton economist or soliciting expatriates to fund infrastructure or hoping friends will bail out with “brotherly loans” or balancing the debt by seizing unaccounted wealth stashed abroad. Where does one stop.? Now poking your finger at the only superpower who can block the IMF from granting the loan. Have you forgotten how you got into the grey list? Does the minister have a memory problem? Are there any adults running the finances.? What is the Parliment doing? Is it not an equal branch of government? Does the parliament have a grasp of the financial hole the country is in?
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Oct 14, 2018 02:08am
If Pakistan asks for a loan in its limits, then yes, USA can’t intervene. The available quota for Pakistan is about $2-3 bn. Any request that exceeds its quota goes to a supervote, which requires 85% majority to pass through. Since we are asking for way above our quota, so it is a supervote. And USA owns roughly 16.57% and hence can simply say no, and it wouldn’t pass through. If that is essentially not a veto, then what is?
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Oct 14, 2018 02:10am
You don't need to react to all statements, Learn some diplomacy and work in the background and not to your gallery always. No one will give you blank check and without Pre-conditions. Get out of your opposition mode and leave this for foreign office to respond.
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Oct 14, 2018 02:17am
This is what happens when the Press Statement one reads out is actually Written by a Chinese and the reader forgets to put own intelligence before reading it out!!!
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Oct 14, 2018 02:21am
Poor statement. I cant understand Pakistan, why is Pakistan in confrontational mode?
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Oct 14, 2018 02:25am
"The decisions are to be taken by us, not the IMF," he added.
I really like what he said here. What kind of people are these? You think IMF will simply hand our billions to someone who says these things?
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Oct 14, 2018 02:52am
USA has all the right to ask for CPEC details.
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Oct 14, 2018 03:00am
Pti still has container mentality... They tried their best to destroy economy while Nawaz Sharif was in power but now they have no obstacle.
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Oct 14, 2018 03:03am
Who said anything about usa veto. The proposal needs 85% positive votes and usa controls 86 % plus. Do your math.
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Oct 14, 2018 03:09am
The hubris of the PTI govt. has landed Pakistan in more trouble. Asad Umar should know that the IMF board approval is based on consensus decision-making.So if USA, India and any other nation does not approve or puts harsher conditions, then it will have serious implications for our economy.
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Oct 14, 2018 03:27am
While talking about IMF & USA, we should not forget the bigger, much BIGGER issue - why are we in this place? When the world economy is booming, we are borrowing money! What caused it, how will it ever be corrected, what is the plan of action???
Remwmber, this is not a solution, it is a quick fix with huge debt to pay.
The minister should have been a lot more aggrieved about these questions..
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Oct 14, 2018 03:35am
Please wait for the U turn
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Oct 14, 2018 03:41am
Think before you speak. To get 85 %, USA and India approval is a must as jointly they both have around 20% of votes. Do you understand AU what I said very simple math.
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Oct 14, 2018 04:53am
@2CENTS honestly you don’t need India in that equation. The 16% for the US is enough. But if it makes you feel good, then great. India has been at this game since partition when it refused to transfer Pakistan’s funds.
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Oct 14, 2018 04:58am
Get on you feet first
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Oct 14, 2018 05:06am
it is only a matter of time before Pakistan will have to stop payment of any debt. May be that will be the right thing to do right now. then start from a scratch and learn how to mind its finances.i would think of cuts to defense. Population control, primary education,healthcare and safe drinking water.
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Oct 14, 2018 05:08am
By making such statement we made sure US will now block this with all its might.
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Oct 14, 2018 05:14am
You can see lack of experience and maturity in this statement. There was no need to challenge U.S. Silence was a better option. Now U.S. will come down hard on Pakistan.
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Oct 14, 2018 05:15am
But they can severely influence the decision
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Oct 14, 2018 05:17am
So clearly there will be no inspection of Pakistan’s Chinese debt. Reasonable to infer that the chinese loans are a problem. So is Mr Umar. And the history of Pakistani mismanagement. FATF does not help.
If there was any chance of a loan, it now is zero with this bellicose unnecessary divisive and immature statement
But that has bedn the nature of all Pakistani governments
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Oct 14, 2018 05:57am
Again speaking without thinking.This person doesn't seems to be suitable for such an important job
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Oct 14, 2018 06:12am
It seems that there is absolutely no maturity in dealing with superpower . Country is going to be at worst level . Think twice before you speak.
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Oct 14, 2018 06:14am
@Harun sensible
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Oct 14, 2018 06:17am
IMF loan at this point of time looks impossible. Also no other option.
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Oct 14, 2018 06:26am
FM, show some maturity of an adult. You are seeking loan so nothing that you can dismiss. The dismiss will come from the other side.
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Oct 14, 2018 06:28am
Great challenging statement. PTI is the best party under PMIK. Bravo
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Oct 14, 2018 06:48am
It does have power. And if it did not, it will have it now
There is no entitlement to US taxpayer money
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Oct 14, 2018 06:51am
Was it necessary in any way to make this statement?
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Oct 14, 2018 06:57am
@Najum
His fertilizer company was a big loser. Without getting electricity connection Engro set up the fertilizer company. During his last five years, Engro shares lost 70%. I am not sure, how IK discovered this gem.
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Oct 14, 2018 06:59am
From the very first day, the new Pakistani ministers giving stupid statement and these statement embarrassed and ashamed pakistan .Goverment not run by suchstatement its run by deplomacy .just wait and wath what is the power of US in IMF time will be show.
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Oct 14, 2018 07:05am
Most readers do not seem to agree with minister. Wrong choice by people's votes.
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Oct 14, 2018 07:06am
Wonder how these kids will build new Pakistan! No maturity is seen anywhere.
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Oct 14, 2018 07:12am
Upper hand is better than lower hand.
Lenders only set the conditions Not the borrowers.
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Oct 14, 2018 07:20am
Childish comment ! USA has all powers to influence any of IMC decisions !
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Oct 14, 2018 07:22am
By issuing such statements, it is clear that the minister is unfit for the post he is holding.
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Oct 14, 2018 07:27am
One point of your FM "this will be the last time we go to IMF" is a good one. With such determination at all levels, if the new funds are used tactfully, Pakistan can improve their financial health. That's critical & requires National consensus on the spending including cutting the huge expenditure on defence (I know this can be tricky due to your own policies). Else in a few months' time Pakistan may have to go to IMF for the 20th time. Needs of the hour are prudence, resilience, courage, commitment from all citizens to see the Nation through the crisis period. Any recovery plan is painful & Pakistan is no exception. Take care. Best wishes
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Oct 14, 2018 07:28am
I don't know why such a learned FM is saying a lot. The US has technically a veto power. The IMF Constitution requires that for any bailout decision,85% of voting right members have to say yes. And the USA alone controls 17%. So USA has a veto.
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Oct 14, 2018 07:35am
That means Pak accepted all conditions of IMF.Only concession Pak got is "talking and twisting of words , whatever comes to their mind".
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Oct 14, 2018 08:19am
Apropos to my earlier remarks I very sincerely and politely suggest to PM Imran to save lot of hard earned foreign exchange if he orders implementation of austerity measures in our missions abroad where huge money is being spent on monthly basis to be honest. Pakistan per capita income is just US$5,427 and our ambassador lives in a big villa and driven in Mercedes Benz car whereas many ambassadors neither live in so big villas nor they use Mercedes Benz despite the fact that their countries’ per capita income is much higher than Pakistan. Which ambassador, if any, has done anything for Pakistan in terms of bringing investment to Pakistan and or introducing any Pakistani contractor in the country they are assigned to? Regretfully at some missions we have many diplomats but for what? Allow me to pose naked question. How much did Pakistan suffer since for months we do not have (a) Deputy Head of Mission / Head of Chancery (b) Commercial Secretary? Does anyone know as to how much did Pakistan benefit when we had these diplomats? How much Pakistan will earn when the two diplomats are inducted from Pakistan costing their salaries, family tickets, housing, furniture/fixture and car? I wish PM Imran earns unprecedented laurels. Iqbal Hadi Zaidi
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Oct 14, 2018 10:00am
In absence of US disagreeing are you confident of getting 51 percent votes. And in case loan us disallowed what is your plan B
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Oct 14, 2018 10:27am
@Desi no worries.
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Oct 14, 2018 12:05pm
Just wait till trump finds another way for you guys to pay,..
Things are not that simple as you pti guys say it.. they have no clue about politics
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Oct 14, 2018 12:23pm
Everyone on the planet Earth knows that US has power and yes, they can veto almost any decision of anything. He has to think smart but statements like these are not going to help us.
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Oct 14, 2018 02:07pm
Does Pakistan need any enemies with people like AU in power structure ?
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Oct 15, 2018 09:27am
@Desi The statement is only for domestic consumption.
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Oct 15, 2018 09:53am
@Ivehadit India refused to transfer funds.
First of all why should India transfer funds?
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Oct 15, 2018 10:18am
The United States is the largest contributor to the IMF and has 17.68 per cent of voting rights in major decisions. China is third, behind Japan, and controls 6.49 per cent of the vote.
https://www.dawn.com/news/1438716/us-to-review-chinese-debt-before-decision-on-pakistans-loan-request
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Oct 15, 2018 01:41pm
The US knows pretty well that CPEC is a game changer for Pakistan and once completed it would become No.2 world economy after China. But putting impediments US wants to deny loan from IMF as they want Pakistan on to its side and wean them away from China, because Chi-Pak together will have world dominance. It is for Pakistan to chose between China, their only true friend in the world or want to be indebted to US as was in the past over 60 years.
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Oct 15, 2018 04:29pm
@RAVEENDRA NATH right... Brilliant economics... Build a road to help China export to the world and become no. 2 economy. Genius..... Do you hear yourself when you say these things..?
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Oct 15, 2018 05:23pm
Even Pakistan has voting rights of 0.43% ..... how interesting.
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Oct 15, 2018 06:49pm
Another betrayal of its kind. There is nothing like “veto power” in IMF. Every country has vote percentage in accordance to its contibution. US is biggest donor and has vote share of around 17%. China, Pakistan’s best bet has only 4%. Moreover Pakistan has left with few friends and can see things taking bad turn if it does wholly agree to IMF conditions - rather brutal conditions.
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Oct 15, 2018 07:26pm
Very strange. This guy has done more damage to pakistan than good for getting bailout from IMF. it is true that China is third, behind Japan, and controls 6.49% of the vote. But at the same time it is true that US is major contributor with 17.46 % voting rights. Also close allies UK has 4.24 % voting rights , Japan has 6.48 % voting rights (approx same as china) , Then we have India with 3% voting right. Together only US, UK Japan and India constitutes 31.8 % voting right. Other Europian nations also has Big proportion in voting rights which is likely support US. Pakistan has only 0.43% voting right. Together China and pakistan has 6.92% voting rights.
So This guy before uttering harsh words should think who controls the decision making in IMF.
Pakistan need 85% vote to get bailout from IMF. 31.8% is controlled by US , UK, Japan and India.
Do the maths before speaking harsh words.
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Oct 15, 2018 07:55pm
@Najum 100% agree with you.
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Oct 15, 2018 07:55pm
@Azmeen You are correct.
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Oct 15, 2018 08:15pm
@RAVEENDRA NATH You can use your real name no problem.Amazing dream from 41st economy to 2nd,did you find magic wand or you dream with your eyes open
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Oct 15, 2018 10:32pm
Actually, as the largest IMF contributor, the US does have a lot of clout.
This type of chest thumping doesn’t help!!
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Oct 15, 2018 10:54pm
US will still help Pakistan to get loans from IMF but they will make sure interest rate charged by IMF now increases by 1-2% and China and all countries will support it as that is extra money for their investment in IMF.
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Oct 16, 2018 01:54am
Why do we not want the CPEC loans examined by a Third Party which can judge whether they are indeed good for our national interests?
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Oct 16, 2018 02:00am
@SHAHID SATTAR correct. Having these CPEC loans reviewed transparently should also reassure Pakistanis that these loans have been negotiated with the interests of common people in mind and not those of vested interests.
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Oct 16, 2018 04:53am
@Sachin India is itself in debt of more than $500 billion and is a poor nation! Insignificant to us yet.
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Oct 16, 2018 06:12am
US and allies have well over 50%
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Oct 16, 2018 07:53am
US had found and initially funded the World Bank to help 3rd countries like Pakistan start developing their economies. It was intended to fund large industries, infrastructure and land development. Most of the countries borrow money exactly for that purpose but Pakistan will be using money to payback interest on previous loans. Pakistan needs friends which nowadays are in short supply. To challenge and threaten a super power does not make any sense. US investment in World Bank is funded by tax payers and US has every right to due diligence to make sure that amount borrowed is spent wisely. Finance Minister has not done his homework and he needs to back on drawing board and comeback with some diplomatic language.
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Oct 16, 2018 08:10am
charity is not demanded
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Oct 16, 2018 11:17am
Like, probably speaking too early ???? Pakistan is in position to demand has to do what IMF says and us likely to be aimpedinet in the loan process. But Pakistan speaking too early propbebaly challenging it to block th loan. Its like a self fulfilling prophecy. Its the last option for Pakistan. If IMF bail out does not happen nation of 200 million will be on the roads literary. Sad Umar does not care or shows he does not care .
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Oct 16, 2018 11:41am
This guy Asad Umar might be very intelligent but he's clearly not clever!
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