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Pakistan rules out possible IMF bailout funds to repay China

Officials say Islamabad examining options as it seeks way out of debt crisis

HONG KONG -- Pakistan would not use any funds from a possible bailout from the International Monetary Fund to repay its debts to China and instead would use them to continue financing its imports, a government official said on Monday.

If the U.S. "vehemently" objects to an IMF bailout, "we are going to convince them that this money will not go to China," said Abdul Qadir Memon, Pakistan's consul general in Hong Kong. "It will go to balance our external accounts so that we are able to sustain our imports for the next year or so," he said in a question-and-answer session following a speech at the Foreign Correspondents' Club.

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