Asad Umar hints at taking bailout package from IMF
Last updated on: 24 January,2019 06:37 pm
Financial package has been given to increase the capacity of local industry.
ISLAMABAD (Dunya News) – Finance Minister Asad Umar on Thursday said that the government would take bailout package from the International Monetary Fund (IMF) but won’t hide behind it.
Talking to a group of anchorpersons in Islamabad on Thursday, he said that the government is not facing any major problem regarding economy, and also hinted at taking bailout package from the IMF.
The minister said that the decision regarding steel mills future has been postponed till March.
The government has started the first phase of giving relief to the people and bringing reforms to achieve economic stability, he said and added consultations were held with stakeholders to devise a course of action and difficult decisions had to be taken.
Asad Umar said that the purpose of reforms package is to increase investment in the country. He said taxes will be on profit earned and not on investment.
He said: “Financial package has been given to increase the capacity of local industry.”
Underpinning the role of private sector for development of national economy, he said private sector is being encouraged for employment creation, and increasing the revenue and exports. He hoped that targets set in Finance Bill will be achieved by September this year.
The finance minister said real issues in the public sector institutions are of governance, adding industry and agriculture have been given incentives in financial package. He said tax on filers has been abolished while it has been increased on non-filers by fifty per cent.
He said, “PSM will be enabled to stand on its feet and its production capacity will be enhanced to three million tons.”