Published On: Fri, Nov 30th, 2018
Published in Category: Business

Economic direction set during first hundred days, says Asad Umar

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Islamabad: Federal Minister for Finance Asad Umar has stated that economic direction has been set during the first one hundred days of the incumbent government.

Addressing the ceremony of achievements in 100 days of PTI government, he said that there was a deficit of 2300 billion rupees in budget when we assumed power.

The average deficit was two billion dollars per month in three months prior to PTI coming to power and dedicated efforts were made to reduce it to a slightly over one billion dollar per month. He said different steps helped improve the situation of balance of payments.

The Finance Minister said any agreement with IMF will be made keeping in view the interest of the people of Pakistan and unlike the previous governments, we will not hide behind IMF.

Asad Umar used a cricketing analogy to describe his job by saying that he was sent in to bat when the ball was swinging and seaming from both ends.

Umar explained the government’s decision to also seek alternate channels instead of solely relying on the International Monetary Fund to plug the financing gap.

“Economists are asking me why I did not just close my eyes and sign IMF contract. We will not hide behind the IMF. If we sign a deal, we will do so on our terms, and we will not lie to the people even if the truth is bitter. I take credit for telling the PM that ‘you will have take a U-turn on your promise to not travel for 100 days because this was in favour of the country. So he agreed and toured different countries.”, the Finance Minister added.

Umar defended his taxation and pricing policies, explaining that the tariffs were hiked only of those commodities that are used by the affluent section of the society.

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