Trade deficit shrinking due to rise in export, foreign remittances: Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Thursday asserted that the country’s trade deficit had reduced due to a rise in foreign remittances and exports, ARY News reported.

Talking to anchorpersons in Islamabad, Asad Umar ruled out any threat of a default and added that the country’s trade deficit was had also shrunk due to a decrease in imports volume.

He said that a record 65 per cent increase was observed in loans to the private sector from July to December 2018.

The minister said that the government was in contact with the International Monetary Fund (IMF), but they were not in a hurry for the IMF package. “We will sign an agreement that suits the country’s economy”, he said.

The minister said that the government was also taking measures for the alternative arrangements to address immediate economic needs of the country.

“We would not make any decision which increases the difficulties of the masses”, he said.

The minister said that the hike in gas and electricity prices would not affect the poor. He said that the government was taking measures to increase investment and ease business in the country.