Ailing economy needs quick fixes: Asad Umar

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) leader Asad Umar says quick decisions are needed to strengthen the national economy and the PTI will take immediate steps in this regard after forming its government.

Talking to a private news channel, he said despite having majority, the Pakistan Muslim League-Nawaz (PML-N) government had not privatised a single non-profitable state-owned organisation and taken any steps to resolve the problems being faced by the economy for the last 10 years. He alleged that the PML-N did not provide a level playing field to the industry and trade sectors. “It took foreign loans on massive scale, which were now affecting foreign reserves,” he said. “Having no knowledge of economy former finance minister Ishaq Dar had artificially increased foreign reserves by taking loans from international organisations,” he added.

Asad Umar said decisions regarding exchange rate or monetary policy should be taken by the State Bank and not the finance ministry. “There should also be no political intervention, which, in fact, impeded the state institutions from performing their functions properly,” he stressed. To a question, he said the PTI might differ from the policy of International Monitory Fund (IMF) and no decision had yet been taken about approaching the IMF. He said PTI Chairman Imran Khan wanted the industry to flourish and his government would provide facilities to the industrialists. Replying to another query, he said Pakistan, which was currently burdened under $95 billion external loans, would have to reduce its trade deficit.