Bailout inevitable to overcome fiscal crisis: Asad Umar

News Desk , Bol News

12:54:05, Tuesday, October 30, 2018

Finance Minister Asad Umar on Tuesday said the government is seeking help from friendly countries in order to get the IMF program on better terms.

Addressing a session of the National Assembly, the finance minister said: “We want the next IMF program to be the last one.”

Umar expressed confidence that opposition parties will put forward concrete suggestions to achieve that goal.

The finance minister pointed out that short-term stability has been achieved as a result of measures taken in the past two months. “The stock market is becoming stable and increased by five thousand points in the last few days,” he said.

“Saudi Arabia has agreed to deposit $3 billion with the State Bank of Pakistan for one year and will provide $9 billion of oil on deferred payments over three years,” the finance minister said regarding the Saudi package.

Regarding Prime Minister Imran Khan’s upcoming visit to China, Umar said, “Our aim is to take the China-Pakistan Economic Corridor Project (CPEC) to the next phase and establish special economic zones (SEZs).”

“A bilateral trade framework is being prepared to reduce the deficit of trade with China. China is fully supporting us in this endeavor,” he added. Further, Umar said, “Joint ventures between Pakistani and Chinese companies in the SEZs will also help Pakistan cut its overall trade deficit.”

The finance minister said a coordinated plan is being prepared to provide job opportunities to the youth which are “the nation’s asset”.

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