We are Going for the last time to IMF, Asad Umar
Federal Finance Minister Asad Umar warned that Pakistan is going to become bankruptcy faster, but it is said that the government is aware of the fragile situation of the economy and is trying to handle the economy.
In a speech to traders during a visit to stock market in Karachi on Saturday, the Finance Minister acknowledged that it was difficult to make business in the country due to the lack of economy.
Asad Omar said that the current account deficit has increased from $ 10 billion to $ 18 billion. Pakistan needs $ 27 billion in terms of current account deficit and external payments.
He said monetary and financial measures are being tried to reduce the deficit.
Asad Omar said that this year Pakistan has to pay $ 9 billion external payments. He predicted that the value of 7 to 8 months would decrease by 27%.
In response to traders’ questions, the Finance Minister said that due to a bad situation of the domestic economy, the government decided to go to the IMF.
He said that Pakistan has gone to IMF for 13 times, but he claimed that this time the government was returning to the IMF for the last time.
Asad Umar said that the stock market situation in the media is seen very bad but it is not really true.
They had to say whether the market should be regulatory, no more regulatory. Staying in business. There will be a lot of measures for Pakistan Stock Exchange. The stock market is the best group. The best results should continue to work. The current account deficit has started decreasing.
Asad Umar told traders that national security could not be considered without economic freedom. FBR wants to establish its force to include people in tax net.
The federal minister said problems would not be resolved due to their wishes. The economy is trying to increase domestic exports to handle. There are also steps to increase tax net. Stock market will also be stable if the economy is stable.
He said that trading is being done through referendum, which is being tightened by law to prevent. Law enforcement has been completed to bring money from overseas.