IMF deal to be Pakistan’s last through major reforms; says Asad

October 30, 2018: Minister for Finance and Revenue Asad Umer has said that Pakistan Tehreek-e-Insaf (PTI) led government would make contact with International Monetary Fund (IMF) as `last one ‘in the history of the country through major increase in exports and decline in trade deficit in future.

Speaking on floor of the House in National Assembly on Tuesday, he said that present government is committed for the welfare of the people of Pakistan and has lowered gas prices for export industries of the country.

He said that electricity prices have not been increased for the 70 percent population of the country and the electricity prices for tube wells have been decreased up to 50 percent.

The export taxes of Rs. 5 billion have been abolished and the government would further reduce it if pointed out, the minister added.

He said second phase of CPEC will be started after infrastructure phase and focus would be to reduce trade deficit with China.

The framework is being prepared for this purpose and work will be started on it through bilateral cooperation, he maintained.

Asad Umer said that efforts are underway to back export industry through financing by banking sectors and to increase the financial assets by supporting agriculture and housing sectors.

He said that employment opportunities to youth are among the priority of the government and 2 million jobs would be created through SME sector.

The minister said that talks with IMF and friendly countries are underway to avoid complete dependence as financial confidence is achieved through help from various means.

Three meetings have been held with IMF while the Saudi Package has given lot of confidence to improve economic situation of the country.

He defended the government's decision to approach friendly countries as well as the IMF for help so as to not be dependent on any single source.

The minister said that there has been improvement in stock exchange as 5000 points got increased in the stock market within ten days before the announcement of package from Saudi Arabia.

He said that there is need of bailout package to overcome economic crisis and the government would contact with anyone for this purpose in dignified way.

(APP)