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

ISLAMABAD: Finance Minister Asad Umar on Friday said next International Monetary Fund (IMF) programme being pursued by the incumbent government will be Pakistan’s last.

Addressing a press conference in Islamabad today, the minister said, increase in demand of the dollar, jacked up its value against Pakistan rupee.

“This happens after every four to five years due to current account deficit”, he contented.

He said Pakistan was facing current account deficit of $ 19 billion, government’s top priority was to narrow the current account deficit.

Umar maintained that current account and trade deficit have shrunk owing to remedial measures being taken by the incumbent federal government and strongly turned down rumours about the economy.

Replying to a query, he said no discussion was held with IMF regarding exchange rate. “IMF has never asked to devalue rupee against dollar.”

He advised masses not to invest in dollar by keeping in view the rumour about IMF condition.

He said the State Bank of Pakistan has also stated that the value of rupee has been in equilibrium now and in tune with the market. He said in the past, rupee was kept artificially high.”

The finance minister said,” We know the difficulties faced by the economy and practical steps needed for economic improvement.”