No plans to opt for IMF programme immediately: Asad Umar

September 28, 2018: Minister for Finance Asad Umar has affirmed that Pakistan does not plan to go for a programme with International Monetary Fund (IMF) immediately to get fresh loans, since it is currently engaged with the IMF team to review mission negotiations.

He was addressing the business community at Islamabad Chamber of Commerce & Industry after inaugurating the newly constructed Export Display Centre (EDC) building of ICCI.

However, he maintained that lest Pakistan needs to start a new programme with IMF, the current negotiations would act as a base for it.

The minister had earlier stated that the government was working to separate the tax policy and tax connection functions as part of the tax reforms to facilitate the taxpayers.

He urged upon ICCI to develop a Master Economic Plan of Islamabad, keeping in view the natural endowments of this region and share it with the government so that the available endowments of the region could be exploited for the economic development of Islamabad.

He said ICCI should also prepare recommendations to guide the government on the types of industries that should be set up in the planned Especial Economic Zone in Islamabad, and assured that the government would cooperate with ICCI for new industrial estate in the city.

He believed Islamabad has good potential for ICT industry as 27 higher education institutes were producing educated youth including IT professionals in the federal capital.

Asad Umar further said that the economy was undergoing bypass and would improve with the efforts of the government.

He said government was working on a plan to provide 100-million-gallon water per day to Islamabad that would resolve water shortage issue and would also benefit the local industry in Islamabad.

President, ICCI Sheikh Amir Waheed said that a new industrial estate was desperately needed in Islamabad for industrialization as there was no further space in the available industrial estates for setting up new industries. He urged that the government should provide suitable land in Islamabad for this project.

He said almost 90 percent issues of trade and industry were related to CDA and government should appoint sitting President ICCI as member of CDA Board that would help in smooth resolution of key issues of business community.

He also briefed the Federal Minister for Finance about the purpose of constructing Export Display Centre and hoped that it would contribute towards promoting exports of the region.

(APP)