‘Pak needs $9bn to meet deficit’ But, no decision to approach IMF, says FM Umar

Pakistan needs $9 billion to meet the current account deficit, but no decision has been taken to approach the IMF for loans, the country's new finance minister Asad Umar said on Friday. Pakistan is passing through tough economic circumstances. Its debt in the last 10 years has spiralled to Rs 28 trillion, and the new Pakistan Tehreek-i-Insaf (PTI) government faces the challenge of turning around the economy.

Umar after winning the July 25 elections had said the country needed $12 billion urgently. “The number that we need to borrow, according to the budget, is $9 billion…But Cash-strapped we are trying to address the root cause that compels us to borrow these $9 billion," Umar said, while responding to question in the Senate, the upper house of Parliament.

He said measures being contemplated to improve the country's economy will start bearing fruit in two or three years, and in the meantime, the country would borrow.

The Minister said the government was also working on a plan to bridge the gap.

“As soon as our plan gets finalised, which it should be within one to two weeks, we will present in before the Parliament, and then we will also seek suggestions from the National Assembly and Senate to improve it further," he said. The FM said it was not yet decided to approach the IMF for loans to overcome the current situation.

Meanwhile, ads for jobs usually bring excitement.

But an advertisement for recruitment by the Pak Rangers has created furor. An ad by a leading daily recently drew flak for marginalising the minority communities in the country and reserving the lowest strata of jobs for them, which reflected the country's approach towards these communities.