Pakistan not facing economic crisis, says finance minister

ISLAMABAD: Finance Minister Asad Umar on Tuesday dismissed the notion that the country is facing an economic crisis and said all fundamental economic indicators are improving.

Addressing the inauguration ceremony of the 11th South Asia Economic Summit in Islamabad, the finance minister said, “The financing gap for the current fiscal year has been plugged and the fruits of government’s vibrant economic policies will soon be visible.”

Regarding reports of the country facing a crisis, Umar said, “All fundamental economic indicators are now improving with exports witnessing an upward trend while the imports are decreasing. Current account deficit is also being overcome gradually.”

“Spreading rumours about the national economy would not do any service to the country,” he added.

Speaking about the devaluation of the rupee last week, the finance minister said, “The State Bank of Pakistan (SBP) had taken the decision and they will continue to take such decisions.”

“Such decisions are taken by the central bank and if need be then its working will be strengthened,” he added.

Upholding that there has been no change in the Pakistan Tehreek-e-Insaf’s (PTI) policy, the finance minister said, “There will be no compromise on the independence of SBP rather it will further be institutionalised.”

He further clarified, “A mechanism regarding communication between the SBP and Ministry of Finance is being worked on.”

A day earlier, Prime Minister Imran Khan Prime Minister Imran Khan during a meeting with TV anchors and reporters said SBP did not inform the government before devaluing the rupee last week and they are now working on a mechanism to ensure this does not happen in the future.

“We are now working on a mechanism under which the SBP cannot devalue the currency without taking the government into confidence first,” the premier had said.