Asad Umar hopeful of IMF bailout to be last one for Pakistan

03:31 PM | 20 Oct, 2018
Asad Umar hopeful of IMF bailout to be last one for Pakistan
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KARACHI - Finance Minister Asad Umar affirmed on Saturday that the recently proposed bailout by International Monetary Fund (IMF) will be the last one for the country.

Addressing an event at Pakistan Stock Exchange, the finance minister clarified that the media was portraying the country’s economy as collapsing but that was not the case.

'No alarm bells are ringing,' he said with full confidence.

The minister highlighted that in the ongoing year, there is a financing gap of $12 billion but hastened to add that in the next seven to eight months, the US dollar will see a decrease of 26% to 27% against the Pakistani rupee.

Claiming that the matters were coming under control, the lawmaker said the current account deficit, which earlier rose from $2.5 billion to $18 billion, has started to decrease.

Umar assured the traders that measures were being taken to improve the stock exchange adding that there is astounding growth in the stock market and efforts should continue for better results.

The lawmaker admitted that doing business in Pakistan has become very expensive, highlighting that the environment for investment and business needs to be improved.

Umar expressed that the incumbent regime will also work on improving the capital market as well.

Admitting that investment is low in the country owing to taxation which needs repairs, the finance minister continued that the market needs to be regulated but not over-regulated.

'Ups and downs are common in businesses. I have to save 21 million Pakistanis' the finance minister added.