Pakistan wants bailout packages but finance minister says no economic crisis

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At a time when the Pakistani economy is in utter shambles and the local currency has touched record lows against the US dollar, the country’s finance minister said that there is no economic crisis here.

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Pakistan wants bailout packages but finance minister says no economic crisis

Pakistan wants bailout packages but finance minister says no economic crisis
Reuters Photo
By Zee Media Bureau | Updated: Dec 05, 2018, 08:45 AM IST
At a time when the Pakistani economy is in utter shambles and the local currency has touched record lows against the US dollar, the country’s finance minister said that there is no economic crisis here.

In what perhaps is an example of living in denial mode, Asad Umar said that Pakistan is not facing an economic crisis and that any statements to the contrary are just rumours. Pakistan-based Dawn reported that Umar was speaking at the 11th South Asia Economic Summit in Islamabad where he claimed that all was well. “All the fundamental economic indicators are improving as a result of effective policies of the present government,” he said, just a day after the country’s KSE-100 Index nosedived 1,335.43 points (3.30 per cent).

Commenting on the Pakistani Rupee crashing against US dollar, Umar reportedly said that the currency has been underperforming since last year but that things are now beginning to look up. He also claimed that exports are rising and current account deficit is being brought under control.

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