Economy has come out of crisis: Asad Umar

ISLAMABAD: Federal Minister of Finance Asad Umar said on Monday that the situation of crisis in the country has ended and we are now in a stage of stability which will continue for next year and a half.

Addressing an event in the federal capital, the Pakistan Tehreek-e-Insaf (PTI) leader stated that the country’s economy is presently encountering three major challenges: Loss of budget, trade and investment.

He added further that Pakistan’s rate of exports is lower than the required level from which exchange rates can be obtained while the remaining were swiftly getting out of hand.

Umar stated that the economy has been discharged of the ICU with the situation of crisis having ended and the country presently being in the state of stability which will continue for the next a year and a half after which a stable pace of development will be taken.

He added that in 70 years many nations have left Pakistan behind, which includes Bangladesh as well with half of Africa’s countries possessing a better economic pace than us.

“Today, we are taking up loans not just to pay off the previous debts but to pay off the interests. We have taken loans of at least Rs800 billion to pay off the interests, which means we have entered the bounds of danger.”

Moreover, he stated that if Baluchistan's resources were utilized properly then we wouldn’t have stood before the IMF.