Talks with IMF in final stage, says Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Monday said talks with the International Monetary Fund (IMF) for another bailout package are in final stage, ARY News reported.

Addressing a ceremony in Islamabad, he thanked Dr Hafeez Pasha for his framework that helped in striking a deal for a fresh bailout package for Pakistan.

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“We were handed over a patient [economy] in ICU, which was cured with immediate steps”, he contented.

He said Pakistani economy has see-off the critical phase now it is in transition phase and gaining stability.

Lamenting the wrong policies of the past governments, he said we took fresh loans not to pay off older one but just to pay their heavy interest.

He added that more than Rs 800 billion were paid against interest of the loans.

Umar said country’s export was at 13 per cent in 2003, but now it has dropped and standing at 8 per cent.

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

Highlighting the importance of the Federal Board of Revenue (FBR) for the uplift of the country’s economy, the finance minister relayed that whole Pakistan is eyeing at the FBR. “Nothing will change in the country, if FBR remain unchanged.”

He regretted that no one is interested in paying taxes in the country and requested the Pakistan’s supreme tax collection body to create ease for the tax payers in the country.

Asad Umar said government has decided to introduce a new tax amnesty scheme and advised people of the country to get benefit the scheme.