Pak­istan’s im­me­di­ate bal­ance of pay­ments cri­sis is over: fi­nance min­is­ter

The Miracle - - Opinion -

Fi­nance Min­is­ter Asad Umar on Tues­day claimed that Pak­istan’s “bal­ance of pay­ments cri­sis is over” and as­sured that China is com­mit­ted to pro­vid­ing short-term re­lief to Pak­istan as well — the modal­i­ties of which, he said, will be dis­cussed in a new round of dis­cus­sions in Bei­jing on Fri­day. “The long-term so­lu­tion to the bal­ance of pay­ments cri­sis is to in­crease our ex­ports, and to do that we should have enough in­come so that we do not need to bor­row,” Umar, who was a part of the Prime Min­is­ter Im­ran Khan-led del­e­ga­tion that vis­ited China re­cently, ex­plained dur­ing a press con­fer­ence to­day. “In this re­gard, we have re­ceived a com­mit­ment from the high­est level. ”Re­gard­ing the dou­bling of our ex­ports, we are not talk­ing long-term. We have [this tar­get] for the on­go­ing year. We have also dis­cussed short-term re­liefs. A de­ci­sion in prin­ci­ple has been taken, but to dis­cuss its modal­i­ties our con­tin­gent is go­ing to Bei­jing on Novem­ber 9. “So this cu­rios­ity that the peo­ple have will also be re­solved soon. We had told you about the $12bn fi­nanc­ing gap, of which $6bn have come from Saudi Ara­bia, and the rest has come from China so the im­me­di­ate bal­ance of pay­ment cri­sis of Pak­istan has ended. I want to make that clear in un­equiv­o­cal terms. We do not have any bal­ance of pay­ments cri­sis now. “A state­ment re­leased by the fi­nance min­istry echoed Umar’s re­marks, adding that “a se­nior level del­e­ga­tion com­pris­ing of fed­eral sec­re­taries of fi­nance, for­eign af­fairs, plan­ning & de­vel­op­ment and com­merce along with the State Bank of Pak­istan’s gov­er­nor will un­der­take a visit to China dur­ing the cur­rent week to work out the modal­i­ties”. For­eign min­is­ter says Pak­istan ‘out of the woods’ af­ter China trip For­eign Min­is­ter Shah Mehmood Qureshi, mean­while, claimed that the trip to China was “pro­duc­tive to the ex­tent that we are out of the woods”. The for­eign min­is­ter said that the pur­pose of the visit to China was to “send a mes­sage to the in­ter­na­tional com­mu­nity” and also “move the two coun­tries’ strate­gic re­la­tion­ship to­wards an eco­nomic part­ner­ship”. He said that a to­tal of 15 mem­o­ran­dum of un­der- stand­ing (MoUs) were signed in China, of which he high­lighted a quar­tet. “We de­cided that our strate­gic dia­logue must be up­graded and its level be raised to the FM level,” he said. “It was also de­cided to trans­fer our cit­i­zens sen­tenced there and theirs sen­tenced here so that they can serve their sen­tences in their own coun­tries.

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