Karachi (Staff Report/Agencies): Finance Minister Asad Umar on Saturday said that this would be the last time that Pakistan seeks a bailout from the International Monetary Fund (IMF).
Addressing a ceremony of Brokers at Pakistan Stock Exchange in Karachi, the finance minister said that Pakistan's economy was already on the road to recovery.
"We will work for the betterment of the capital market and improve the overall atmosphere for investment," the minister promised, but stressed that the stock market's fortunes are directly linked with the economy's health.
Asad said that media was portraying that the economy of the country was collapsing but that was not the case as no alarm bells were ringing and the matters were coming under control.
He said that the US dollar will see a decrease of 26% to 27% against the Pakistani rupee in the next seven to eight months.
Asad Umar claimed that the current account deficit, which earlier rose from $2.5 billion to $18 billion, has started to decrease.
He further announced that measures were being taken to improve the stock exchange and said there is astounding growth in the stock market and efforts should continue for better results.
The finance minister admitted that doing business in Pakistan has become very expensive whereas the environment for investment and business needs to be improved.
Umar expressed that the incumbent regime will also work on improving the capital market as well.
The minister admitted that investment is low in the country owing to taxation which needs repairs. ‘Ups and downs are common in businesses. I have to save 21 million Pakistanis’ the finance minister added.
Meanwhile, addressing traders in the city the minister said that and said the Federal Board of Revenue (FBR) has requested for a task force to be formed.
The finance minister said that the government is bringing a new system to refund the taxes.
