IMF package only way to put economy back on track: Finance Minister

Minister for Finance Asad Umar has said that an IMF bailout package is unavoidable for Pakistan, which, according to economic experts, is the only way to put the national economy back on track.

In an interview with PTV, he said the government had to take the decision to approach the International Monetary Fund because of the high current account deficit as a result of the wrong economic policies adopted by the past government.

He said the financial bailout package is mandatory for Pakistan in order to bridge the 12 billion dollars financing gap being faced by the government.

Asad Umar said we have sought the package only to get relief for the time being and run the country's economic system smoothly.

He said 12 billion dollars are required to beef up foreign exchange reserves, which is essential for the country's economic stability. However, the government would also bring reforms in the economic system.

Referring to his meetings with the IMF officials in Indonesia, he said both the sides have expressed the desire that it might be the last bailout package for Pakistan.