Pakistan not to approach IMF with new bailout plea

karachi — Pakistan will not approach the IMF for a new bailout package and is considering alternative options to tide over its economic crisis, Finance Minister Asad Umar said Saturday.

Minister Umar made the remarks during a meeting with businessmen at the Karachi Chamber of Commence and Industry.

Umar told the participants that the Imran Khan-led government had decided against entering into any new bailout programme with the International Monetary Fund (IMF) for now and was exploring other possible avenues to help Pakistan’s struggling economy get back on track.

Pakistan was negotiating a $8 billion bailout package from the IMF to overcome a severe balance-of-payments crisis that threatens to cripple the country’s economy. The government reached out to some

friendly countries for economic assistance, including Saudi Arabia, the UAE and China.

Umar told the Karachi businessmen that the government would be announcing a mini-budget on January 23. —

The PTI-led government is striving to create a conducive environment for encouraging ease of doing business and attracting foreign investment

Asad Umar, Finance minister

karachi — Federal Minister for Finance, Revenue and Economic, Affairs Asad Umar, said on Saturday that a finance bill would be presented on January 23 with an aim to provide an ease of doing business environment instead of focusing on revenue generation.

Addressing the business community here at the Karachi Chamber of Commerce and Industry (KCCI), he said the finance bill was to be presented on January 21 but it had now been rescheduled due to Prime Minister Imran Khan’s foreign visit.

The PTI government was taking measures with regard to ease of doing business and the business community would be offered incentives in the finance bill, he added.

Sharing details of the budget proposals, the finance minister said that powers of the Federal Board of Revenue’s (FBR) statutory regulatory orders (SROs) will be withdrawn.

Umar highlighted the need to address tax anomalies and said that any changes in taxation policies will be subject to parliamentary approval.

Umar said in the modern world the economy of a country was driven

by the private sector and that was why the government intended to provide them better facilities.

He said the PTI was the only party which emphasised on the ease of doing business in its manifesto for the 2018 elections. The prime minister chaired a meeting every month to discuss steps regarding ease of doing business, he added.

Umar said there would also be good news for stock market in the finance bill.

“Pakistan’s trade deficit had reached a dangerous level in the previous year. With increased investment, the economy would progress,” he added.

Umar said in its first five months, the government had taken solid steps for the uplift of the most deprived

segments of the society.

Recalling his recent visit to Turkey, the minister said he had suggested promotion of strong bilateral trade between the two countries in line with their robust diplomatic relations.

He said the government wanted peace not only in the country but also in the region and for the purpose it wanted to hold dialogue with India for the resolution of the Kashmir dispute.

The military leadership was also on the same page with the government for talks with India, the minister added.

Umar said the results of the government’s policies would be visible soon with the pouring in of foreign investment in the country.

For the first time in its history, Pakistan was being supported overwhelmingly by all friendly countries, he added.

Umar assured the business community that the gas supply issue would be resolved soon.

He said only professionals were now being inducted in economic institutions on merit. The discretionary powers of low-rank officials of the Federal Board of Revenue had been withdrawn, he added.

Later talking to media, the minister said the PTI-led government had overcome the economic challenges which it had inherited after coming into power. Replying to a query, he said negotiations with the International Monetary Fund were under way. —