News Desk |
Speaking to a ceremony on Monday 8th April in Islamabad, Finance Minister Asad Umar has said that the economy is heading out of crisis now. “We should be doing what’s best for the long term sustainability of the economy. Right now, we need at least a year and a half to stabilize the economy of the country,” Minister added.
Asad Umar said that there are three major issues “The trade deficit, the lack of investment and the export-import imbalance”, the Finance Minister said. Umar said that decisions regarding the economy should not be made on political leverages, “Pakistan had a booming economy in the 60’s and was one the most rapidly progressing countries in the world”, the Finance Minister said.
Asad Umar said that Pakistan does not focus on savings, “Our national saving rate is 10-11 percent. India, China, Bangladesh, and other countries have far better saving rates than Pakistan”.
“It is a difficult time for the economy. We need to make tough decisions for the greater good. The crisis has been averted; now we need sustainability”. He said that the reserves were running out fast during the crisis “I had to close my fist for the reserves to not run out completely”.
The Finance Minister said that Pakistan’s exports suffered in the past few years “Pakistan’s exports went out of balance in the previous tenure. IN 2013, our exports were 13 percent of the total GDP bulk”. He also said that Pakistan is at the bottom of the pool in progress rate “Bangladesh and African countries are progressing at a far better pace than Pakistan”. He said that if only we had utilized the resources in Baluchistan properly, we wouldn’t have been in front of the IMF for a loan.
Asad Umar said that Pakistan does not focus on savings, “Our national saving rate is 10-11 percent. India, China, Bangladesh, and other countries have far better saving rates than Pakistan”.
Read more: Asad Omar says “Economic Crisis is Over”: Is it?
Later in the day, the Minister for Finance and Revenue is expected to meet the Prime Minister to brief him on the Amnesty Scheme. PM Khan is expected to approve the Amnesty scheme and then it will move towards the federal cabinet for implementation.