Finance Minister Asad Umar makes startling claims about Pakistan economy, Rupee and Dollar parity
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ISLAMABAD - Finance Minister Asad Umar says Pakistan economic situation is improving and the government will overcome the financial gap of 12 billion us dollars.
Addressing an event at Pakistan Stock Exchange he said the media is portraying the country’s economy as collapsing but that is not the case. He said no alarm bells are ringing.
However, the Finance Minister said this year there is a financing gap of 12 billion us dollars and the government will overcome this.
Asad Umar said in the next seven to eight months, the US dollar will see a decrease of 26% to 27% against the Pakistani Rupee adding that "matters are coming under control.
He said the current account deficit, which earlier rose from 2.5 billion dollars to 18 billion dollars, has started to decrease.
The Finance Minister spoke about Pakistan approaching the International Monetary Fund and said this will be the last time the country seeks a bailout from the lender.
Umar further announced that measures were being taken to improve the stock exchange and said, there is astounding growth in the stock market and efforts should continue for better results.
The Finance Minister said doing business in Pakistan has become very expensive, while adding that the environment for investment and business needs to be improved. He said we will also work on improving the capital market.
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 regulated but not over-regulated.
