Govt has finalised strategy to make next IMF program country's last: Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Wednesday said that the government has devised strategy to make the next International Monetary Fund (IMF) program last for the country.

Asad Umar, in his interview to a British news channel, said that when their party came into power, tough economic challenges were ahead for the government and added that they will steer the country out of the crises.

The minister said that initiated dialogue with IMF and in the meantime started dialogs with the friendly countries to bring the country out of crisis.

He maintained that majority of Pakistanis showed confidence in Pakistan Tehreek-e-Insaf (PTI) government and they believe that the country is heading in the right direction.

He said that Pakistan’s fiscal and monetary policies are in line with the economic reforms that are required to take the country out of its current economic crises.

Asad Umar said that the PTI government increased gas and electricity prices within its first 100 days and clarified that it was not related to the IMF dictation.

He said that China mainly investing in private power plant through a fair process. Talking about law and order situation in the country, the minister said that the government believes in rule of law and those who created unrest are facing accountability.

This IMF bailout package will be Pakistan’s last: Asad Umar

It is pertinent to note here that late last month, Finance ministry spokesman Noor Ahmed told media that Pakistan has extended talks with the IMF after the two sides failed to agree on the terms of a bailout package.

“We have covered a lot of areas in terms of convergence of views,” Ahmed had told Reuters. “But there is some more distance to be covered and that’s not much. Another 20 percent of distance has to be covered.”

Ahmed said Pakistan will “stay engaged” with IMF officials to resolve the outstanding issues and “over the next two weeks we will bridge those gaps”. A final deal is expected to be signed off by mid-January.

Pakistan is seeking its 13th bailout since the late 1980s to deal with a current account deficit that threatens to trigger a balance of payments crisis.