Monday , March 30 2020

Emergency steps taken to revive economy in original shape: Asad Umar

Islamabad: Finance Minister Asad Umar on Thursday said that the Supplementary Finance Bill was actually ‘economic reforms bill’, which was seen as investment and giving support to the national economy.

While addressing to post-budget press conference in Islamabad, the Finance Minister expressed that Pakistan’s economy was facing challenges and the gap between exports and imports exacerbated the problem which needs to be put back to track.

“We have taken emergency steps to support the economy; the ‘economic reforms bill’ will herald the beginning of economy’s betterment”, he said.

Pakistan’s economy had three challenges to face i.e. increased gap between exports and imports, a decline in foreign reserves, and low investments.

Asad Umar claimed that the government has taken practical steps to reduce the fiscal gap for FY 2019, and an agreement had been signed with China which will be announced soon.

While talking about the ‘mini-budget’ presented yesterday, he told that government inherited the economy in a heart patient form.

“Situation has, however, improved with steps taken by the State Bank (SBP), and the economic reforms bill would further consolidate the improvements made”, he explained.

He said that many taxes are abolished and businessmen are provided with huge chances to prosper. Loans will be given and small-medium industries will be supported.

“Our first step was to operate on this patient, and now there are no more alarm bells”, he said, adding that the government was doing its best to revive the economy in its ‘original shape’.

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