ISLAMABAD – Finance Minister Asad Umar says Pakistan economic situation isimproving and the government will overcome the financial gap of 12 billionus dollars.
Addressing an event at Pakistan Stock Exchange he said the media isportraying the country’s economy as collapsing but that is not the case. Hesaid no alarm bells are ringing.
However, the Finance Minister said this year there is a financing gap of 12billion us dollars and the government will overcome this.
Asad Umar said in the next seven to eight months, the US dollar will see adecrease of 26% to 27% against the Pakistani Rupee adding that “matters arecoming under control.
He said the current account deficit, which earlier rose from 2.5 billiondollars to 18 billion dollars, has started to decrease.
The Finance Minister spoke about Pakistan approaching the InternationalMonetary Fund and said this will be the last time the country seeks abailout from the lender.
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Umar further announced that measures were being taken to improve the stockexchange and said, there is astounding growth in the stock market andefforts should continue for better results.
The Finance Minister said doing business in Pakistan has become veryexpensive, while adding that the environment for investment and businessneeds to be improved. He said we will also work on improving the capitalmarket.
Stating that investment is low in the country owing to taxation and that”needs to be fixed, Asad Umar continued, “the market needs to be regulatedbut not over-regulated.
