ISLAMABAD: Federal Minister for Finance Asad Umar has said though the economy of Pakistan is currently in a critical phase but hopefully it will soon be back on track.
Addressing an event organized by Islamabad Chamber of Commerce and Industry (ICCI) here on Friday, Asad Umar said, “Pakistan’s economy is currently undergoing heart bypass surgery and after it is successfully completed, the economy will be back on track and running.”
Speaking regarding ongoing talks with the International Monetary Fund (IMF), he said, “They are part of routine.”
“There is no plan to seek a bailout just yet,” the Finance Minister stated.
“However, if we need to approach IMF for a bailout then the talks that are taking place right now will be form the basis for it,” Umar further said.
An IMF mission is currently on a week-long visit to the country and the first day of talks between Pakistani officials and the delegation concluded in Islamabad on Thursday.
The finance secretary led Pakistani side during the talks in Islamabad, while country director Herald Finger headed the IMF delegation.
Sources said that Thursday’s talks were post-programme and staff-level, and added that similar rounds of talks were held in Washington during the caretaker government’s tenure. Stating that the talks will continue for a week, the sources added that Thursday’s meeting reviewed the challenges facing Pakistan. INP