Finance Minister to be, Asad Umar hints at a bad news for country

Finance Minister to be, Asad Umar hints at a bad news for country
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ISLAMABAD: The PTI leader Asad Umar who has been tipped as the future finance minister of Pakistan has hinted at bad news for the country.

He has said Pakistan has no option but to go to the International Monetary Fund (IMF) to address its economic woes.

Asad, who is frontrunner for the office of the finance minister, will be leading the negotiations if the upcoming PTI government decided to knock at the door of the IMF.

Talking to a local TV channel on Saturday , he said the current economic crisis required drastic economic measures at the government level. Pakistan currently needs around $11 billion to fill its external financing gap in the ongoing fiscal year. Asad made it clear that there will be no extension in the tax amnesty scheme, as the PTI is already opposed to it. He said the scheme has brought not more than $60 to $70 million to the state kitty.

He said the currently the country faces a monthly deficit of $2 billion adding the scheme could not help overcome the deficit of even one and a half day. He said the country’s forex reserves stand at $9 billion which included $7 billion advance loan.

The PTI leader said the actual forex reserves of Pakistan are $2 billion. Asad said an industrial consultative council and business consultative council will be constituted which will report to the prime minister.

Economy