No economic crisis in Pakistan: Finance Minister

ISLAMABAD, Pakistan: The Finance Minister Asad Umar has categorically said that there is no economic crisis in Pakistan as the financing gap for the current fiscal year has been met.

While inaugurating the 11th South Asia Economic Summit organized by the Sustainable Development Policy Institute (SDPI) in Islamabad on Tuesday, Asad Umar said that those spreading rumours about the economy are not doing any favor to the Country.

The minister said that all the fundamental economic indicators are improving as a result of effective policies of present government. He pointed out that exports are increasing and imports and current account deficit are witnessing downward trend.

The finance minister said that the present government assumed the office in difficult economic situation as the current account deficit had touched US$2 billion per month. He said that the rupee is also witnessing depreciation since last year. However, he added, that the situation is now improving.

The minister also made it clear that no compromise will be made on the independence of the State Bank of Pakistan. He rather said that the Central Bank will further be institutionalized.

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