On Tuesday, the finance minister of Pakistan, Asad Umar, said that there wasn’t any economic crisis in the country since all the economic indicators has improved. He further stated that there were some elements which were creating misconceptions and chaos with regard to the economy of the country.
He further stated that during the PTI government lead by prime minister Imran Khan, the country’s export had started to increase along with remittances. Given the current status of the country, Asad had said that the deficit had decreased from $2 billion per month to $1 billion. Earlier, the countries like China, United Arab Emirates (UAE), Saudi Arabia and Malaysia provided aid to the country in order to meet financial crisis. Addressing the inaugural session of the 5-day 11th South Asia Economic Summit here, organized by Sustainable Development Policy Institute (SDPI), Asad said that the State Bank of Pakistan (SBP) was an autonomous institution and that the government fully believed in the neutrality of the bank.
He added that the PTI government had no plans in changing policy with respect to the independence of the State Bank of Pakistan and that if such requirement was needed in future, then they would do further institutionalization of the bank structure. He further stated that the exchange rate decision was taken by SBP and that there was freedom to the bank to take its decisions independently. However, the finance minister stressed the need to improve communication mechanism saying that he had also asked the SBP governor to develop a proper mechanism in this regard.
The minister also said that by the start of the current year the value of rupee against a dollar was Rs105 while by the time the interim government had handed over responsibility to the newly elected government in August this year, the value plunged to Rs128. Now, after the lapse of another 4 months, the value has decreased by Rs10.