$5.1 billion received from Saudi Arabia and China: Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Monday said Pakistan had received $3 billion from Saudi Arabia and $2.1 billion from China, ARY News reported.

Addressing a State Bank of Pakistan gathering here, Umar said the next round of meetings with the International Monetary Fund (IMF) would be held from April 10 to 14 in Washington.

The finance minister said Pakistan’s exports would rise to $1 billion in coming months due to better financial management by the current government.

The minister said new decisions would be taken to improve the economy of the country. “Ample investment opportunities are available in the country’s banking sector.”

Read: Fuel prices: Resolution in PA demands resignation of Asad Umar

The finance minister said inflation would necessarily surge when the currency was in such crisis. He reiterated that Pakistan’s economy was facing numerous challenges.

“We are lagging behind 30 to 40 years from the world,” remarked the minister.

Umar said the government had introduced structural reforms in the FBR and in March alone, tax refunds were eight times higher than the previous regime.

He said 40% tax in the country was collected from imports alone.

He said legislation regarding benami accounts had been enacted and rules were amended to expedite process of arresting those involved in the illegal practice.

About Chinese investment, he said progress had been made on the upgrading of ML-1 from Karachi to Peshawar and work on other Chinese projects will also be started on time.

He said the regulatory authority had proposed an increase of over eleven rupees in the petroleum prices but we raised them by six rupees per litre.

Umar called for using modern technology in an efficient way to produce desired results.

He suggested that Ayaz Sadiq come question him about anything [related to the economy] and vowed to give detailed answers.

The finance minister said investment was needed for cyber security.

He said the rich brag about their wealth, but hesitates in declaring the same to the Federal Board of Revenue (FBR).