No plans of seeking loan from IMF as yet: Finance Minister

ISLAMABAD: Finance Minister Asad Umar has once again categorically denied plans of seeking financial assistance from the International Monetary Fund (IMF) as of yet.

Addressing to the Chambers of Commerce Islamabad on Friday, the federal minister informed that government does not intend on taking any loans from the IMF until now and regarding ongoing talks with the IMF delegation, Umar said, “They are part of routine.”

“However, if we need to approach IMF for a bailout then the talks that are taking place right now will form the basis for it,” the Minister added.

He further announced to bring comprehensive reforms in the Federal Board of Revenue (FBR), apprising that the tax policy board will be detached from the FBR.

“Economy of Pakistan is undergoing a bypass, once the operation is completed then everything will be back on the track,” the Finance Minister metaphorically elaborated on the current fragile economic situation.

Previously, on the floor of Senate, Asad Umar had acknowledged the fact that country’s economic situation is on life support, and vowed to put the scenario in front of public and consulting the parliament before making any decision pertaining to taking IMF’s bailout package.

Additionally, the Federal Minister has refuted the impression that Pakistan has been in a state of economic emergency.