Country has sought loan from IMF for the last time: Asad Umar

KARACHI: Finance Minister Asad Umar, talking to the media regarding Pakistan’s decision to go for an IMF bailout, said this is the last time the country is seeking a loan.

“This will be the last IMF programme,” the finance minister said at an event held on Saturday at the Pakistan Stock Exchange.

He added, “The media is portraying the country’s economy as collapsing but that is not the case. No alarm bells are ringing.”

The minister further added that the US dollar will likely see a decrease of 26% to 27% against the Pakistani rupee.

“The current account deficit, which earlier rose from $2.5 billion to $18 billion, has started to decrease."

“The country’s investment is low because of taxation which needs to be fixed,” he added.

The PTI stalwart futher vowed taking measures to help improve the stck exchange stating, “We will also work on improving the capital market.”