Asad Umar says increase in exports only way to avoid external debt

ISLAMABAD: Federal Minister for Finance Asad Umar has said that enhancing the country's exports was the only way to overcome the external debt or we have to seek more loans from IMF to run the affairs of the country.

Talking to a private news channel, Finance Minister said that when PTI government came into power, the country's economy was facing the deficit of Rs 800 billion.

He said that trade can be improved with all the neighboring countries, including Afghanistan, Iran, China and Saudi Arabia.

The minister said that Saudi Arabia was taking keen interest regarding the investments in different projects of Gwadar Port.

Similarly, the minister said we have deep rooted cultural and brotherly relations with Iran and currently, the trade volume with Iran is about 1.5 billion dollar that should be enhanced.

The Finance Minister said that Pakistan is the country where there was a lot of investments opportunities in different fields and we will welcome all the countries who want to invest here.

Replying to a question about the China visit, the minister said that it was very successful visit of Prime Minister Imran Khan and Chinese President and Prime Minister assured their full support and cooperation in every field, beside showing their complete confidence in the leadership of Pakistan.

Replying to another question about IMF, Asad Umar said that discussion was underway with the IMF team that is now in Pakistan.

All the four Provincial Secretaries, Governor State Bank are negotiating with the IMF teams and all the technical issues are being taken under discussion in the meeting, he told.

The Finance Minister said that it is our moral responsibility to brief the Parliament, once the agreement is done with IMF we will disclose all the terms and conditions in the National Assembly.

Replying to another question, the Minister said that every year around 20 lac youth came in the market and it was the government's responsibility to provide them jobs.

These opportunities would be created by the foreign or private investment in different field including agriculture, construction and tourism, he added.