Islamabad: Federal Finance Minister Asad Umar has said that government had to take the decision to approach the International Monetary Fund (IMF) because of the high current account deficit, reported Aaj News.
He has clarified that it would be the Pakistan’s last program with IMF.
He said, “The financial bailout package is mandatory for Pakistan in order to bridge the 12 billion dollars financing gap being faced by government.”
Asad Umar said we have sought the package only to get relief for the time being and run the country’s economic system smoothly.
Asad Umar says the country’s stable economic conditions are needed as soon as possible, the fall of rupees is increasing debt.
The minister said clearly that the economic situation of the country is increasingly worsening.
On the other hand, NEPRA has demanded to increase in electricity cost of Rs 3, 79 paise per unit, the cost of brent oil is also increasing.
He said 12 billion dollars are required to beef up foreign exchange reserves, which is essential for the country’s economic stability. However, the government would also bring reforms in the economic system.