Pakistan’s economy now coming out of crisis phase: claims Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Monday said Pakistan’s economy was now heading out of a crisis phase.

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“We are now heading towards sustained stabilisation and the next 18 months will be our stabilisation phase,” he said in an address at a ceremony in Islamabad.

The minister said Pakistan’s negotiations with the International Monetary Fund (IMF) are in the final stages. He announced that a economic framework had been formulated and would now be forwarded for input from parliamentary standing committees.

He added long-term economic planning was the need of the hour and it was being treated as a topmost priority by the Pakistan Tehreek-e-Insaf-led government. “Our aim is to implement structural and far-sighted reforms that will ensure a better future for our coming generations.”

“We have to improve and simplify the tax collection mechanism. We are introducing the latest technology in the Federal Board of Revenue (FBR) and making efforts to enhance enforcement capacity.”

The minister also shared plans to introduce a Public Financial Management law, saying that it would soon be put up for parliamentary approval.

Umar further said he was soon heading to Washington for talks with the IMF, where he would also be meeting representatives of Afghanistan and Tajikistan for discussions on the Wakhan Corridor.

He also announced that encouraging progress had been made on the Pak-Turkey Strategic Economic Framework, saying that Ankara and Islamabad had shared proposals that would soon be made into a comprehensive document.

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