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Approach To IMF For Taking Loan Unavoidable: Asad Umar

Islamabad (October 13, 2018): Finance Minister Asad Umar said that taking debts were unavoidable either from International Monetary Fund (IMF) or China.

Talking to newsmen in Islamabad he said the government decided to go to IMF after making consultations with friendly countries.

He informed that a team of IMF will arrive in Pakistan on the seventh of next month to negotiate a loans program for Pakistan.

The Minister said the reforms being introduced by the government will not have any negative effect on the poor.He said special steps have been introduced in the finance bill for the export sector in the finance bill. He expressed the government’s resolve to increase exports to come out of the cycle of loans.

The Minister said stock market improved by 600 points with the announcement of going to IMF.

The Finance Minister said trade deficit increased due to rise in prices of petroleum products.

He said foreign exchange reserves have reduced to eight billion dollars. He said rupee devalued against the dollar by seven per cent from April to September this year.

He reminded that previous government have signed twenty-one agreements with IMF in which civilian governments approach  12 times to IMF to get debts.

“The difficult decision takes by the government just in the best interest of the country, however, the adverse effects of the decisions will cause difficulties for the poor,” he admitted.

He clarified that there was no mechanism to bring cash in the country except an increase in exports.

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