Economic condition was tough when govt took power: Asad Umar

ISLAMABAD: Finance Minister Asad Umar has termed an agreement with the International Monetary Fund (IMF) a compulsion, ARY News reported Wednesday.

Speaking at a gathering here, he said chances of discount rate were higher had Pakistan approached the IMF earlier. Umar said economic condition of the country was bleak when the new government took power.

However, the minister said the current year and 2020 would be good years for investors, and the business community.

The National Accountability Bureau law concerning private sector needs to be amended, he added. He said: “We need to free business community of fear of the NAB.” The minister said the government was also looking issue of property rates in the country.

Pakistan must also now introduce Euro Bonds, he said.

Asad Umar amnesty scheme was not aimed at collecting money, adding that it didn’t matter whether it took too much to decide on the scheme. The minister economy would be changed once taxpayers would be added to the tax net through documentation.

Finance Minister Asad Umar on Monday had said that Pakistan and the International Monetary Fund had reached a consensus over the financial package. The IMF, the same day, had termed talks with Pakistani officials held in Washington last week as positive.

The IMF Pakistan office further said that a delegation of the IMF will visit Pakistan in the end of the following month. It said the visit will be paid on request of the Pakistan government.

The IMF said both the stakeholders would further discuss the financial package.