No economic crisis in the country: Asad Umar

News Desk , Bol News

07:01:56, Tuesday, December 04, 2018

Finance Minister Asad Umar has said all fundamental economic indicators are improving, dismissing the notion that the country is facing an economic crisis.

Addressing the inauguration ceremony of the 11th South Asia Economic Summit in Islamabad, the finance minister said, "The financing gap for the current fiscal year has been plugged and the fruits of government's vibrant economic policies will soon be visible."

Regarding reports of the country facing a crisis, Umar said, "All fundamental economic indicators are now improving with exports witnessing an upward trend while the imports are decreasing. Current account deficit is also being overcome gradually."

Speaking about the devaluation of the rupee last week, the finance minister said, “The State Bank of Pakistan (SBP) had taken the decision and they will continue to take such decisions.”

"Spreading rumors about the national economy would not do any service to the country," he added.

 “Such decisions are taken by the central bank and if need be then its working will be strengthened,” he added. 

Upholding that there has been no change in the Pakistan Tehreek-e-Insaf's (PTI) policy, the finance minister said, "There will be no compromise on the independence of SBP rather it will further be institutionalized."

He further clarified, “A mechanism regarding communication between the SBP and Ministry of Finance is being worked on.”

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