Economic crisis of Pakistan is ‘over’: Asad Umer

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Asad Umer

From Business Correspondent

ISLAMABAD: Repudiating the notion of deteriorating economic situation, Finance Minister Asad Umer stated yesterday that economic crisis of the country has been ‘over’.

Speaking at the inauguration of the 11th South Asia Economic Summit in Islamabad, the federal minister said, “There is no economic crisis in the year 2018 and the upcoming 2019,” adding that the financing gap for the current fiscal year has been met.

Emphatically stating that the government has successfully overcome the economic crisis with the help of friendly countries, the finance minister asserted that all the fundamental economic indicators are improving with exports witnessing an upward trend while the imports are decreasing, Radio Pakistan reported.

Pleading to let people do business in the country with peace, Asad Umer urged that spreading rumors about the sinking national economy would not do any service to the country. Referring to sudden devaluation of rupee last week, Asad clarified that the decision was taken by the State Bank of Pakistan and it will remain in effect.

Asad elucidated that there has been no change in the Pakistan Tehreek-e-Insaf’s (PTI) policy and “there will be no compromise on the independence of SBP rather it will further be institutionalised.”

As per a statement released by the Ministry of Finance in October, the PTI government inherited 6.6% of fiscal deficit, more than a trillion rupees of unaccounted for losses in the energy sector and an unprecedented and debilitating current account deficit running at $2 billion a month.

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