Current account deficit significantly reduced in Pakistan: Asad Umar

KARACHI: Pakistan Tehreek-e-Insaf (PTI) central leader and former finance minister, Asad Umar, on Saturday said that the current account deficit was significantly reduced in the country, ARY News reported.

Asad Umar, while talking to media, criticised the mindset of rulers for thinking themselves much powerful so that they could do anything. He advised legislators to become aware of their responsibility for which they were voted by the nationals.

He said, “We need better security for the improvement in our economy besides working with coordination by all segments. Pakistan rendered many sacrifices against terrorism and personnel of Pakistan military martyred in successful operations to eliminate the menace.”

While highlighting the recent achievement of the present government, Umar said that the current account deficit was significantly reduced which would release the pressure of devaluation of Pakistani ruppee.

“The monetary policy committee on interest rate should have to keep its prime focus over the statistics. The reduction in interest rate would be possible proportionally with the cut in inflation rate which was recorded more than 9 per cent during the last month.”

The minister, which is also the chairman of the National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs, was of the view that the recent tensions between Islamabad and New Delhi will give more damage to India’s trade. The former finance minister reiterated that Pakistan had come out of its crisis and the economy is heading towards its stability phase.

“Pakistan is regaining its confidence from investors which would be beneficial for economic growth in future,” he said.

While answering to a question over the situation of Indian occupied Kashmir (IoK), Umar said that the Narendra Modi-led government had been exposed before the world.

He further said that India will be given befitting response from Pakistan in case of any misadventure.