Finance Minister Asad Umar unveils condition of availing IMF bailout package for Pakistan

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Finance Minister Asad Umar unveils condition of availing IMF bailout package for Pakistan

ISLAMABAD – Finance Minister Asad Umar on Thursday has unveiled condition for availing the IMF loan for Pakistan.

He said that the government would approach the International Monetary Fund (IMF) only when the conditions are in the favour of Pakistan’s economy and people.

Addressing a press conference in Islamabad on Thursday, he said with the announcement of economic reforms package at the National Assembly yesterday, the government has begun a roadmap but said a lot more work is still needed to be done.

The minister said that the friendly countries have supported us and the government took emergency steps to improve the situation. The alarming situation has been defused and the situation will improve further in the next two weeks.

“Economy will see enduring stability on completion of the tenure of PTI government due to effective measures taken,” Umar said.

He said: “The government inherited a difficult economic situation when it came to power with outstanding budget deficit of 19 billion dollars.” “The budget deficit had soared to a dangerous level and the foreign exchange reserves had also been falling.”

Umar went on to say that immediate steps were taken to ameliorate the financial situation and due to successful visits of Prime Minister Imran Khan to the friendly countries, it is satisfactory to note that financing gap has been bridged for 2019.

“We are thankful to friendly countries on reposing trust on our leadership,” he added.