‘There is no economic crisis’: Asad Umar rejects ‘rumours’ but Pakistanis are not having any of it
Finance Minister Asad Umar on Tuesday rejected ‘rumours’ that Pakistan was going through an economic crisis. According to Radio Pakistan, Umar said “financing gap for the current fiscal year has been met”. He added that those spreading ‘rumours’ that there was an ongoing economic crisis were not doing any favour to the country.
The finance minister was speaking at the 11th South Asia Economic Summit in Islamabad where he said that “all the fundamental economic indicators are improving as a result of effective policies of the present government”.
His comments come a few days after the value of Dollar soared to an all-time high. The greenback broke all records as it hit an all-time high of Rs144 during intraday trading on Friday.
It did go down to Rs140 by the evening, but the soar was unbelievably high still. According to Dawn News, the Rs10 rise in the value of the US Dollar is owning to PTI government’s commitments to the International Monetary Fund (IMF).
Curious to know how PTI performed in its first 100 days? Watch the video below
Moreover, on Monday, stocks suffered the worst single-day decline in 16 months as the KSE-100 index tumbled 1,335.43 points (3.30 per cent) and closed at 39,160.60, Dawn News reported.
While Asad Umar believes the notion of Pakistan’s economic crisis is false, Pakistanis beg to differ
‘Is he high on something?’
Is he high on something? Rupee devaluation & price hikes are not crisises then what is? There is no economic crisis in the country: Finance Minister Asad Umar
— A new era of Fascism 🤪 (@Sul_Rafiq) December 4, 2018
MQM’s Ali Raza Abidi asks some tough questions
Then why is the business community holding press conferences, shutting units, laying off, scaling down. Exports haven't increased, only the import is reduced due to new duties, additional taxes, devaluing dollar, inflation and increase in interest rates, : https://t.co/djmNYVO4ok
— Syed Ali Raza Abidi (@abidifactor) December 4, 2018
"Financing gap for the current fiscal year has been met" says Finance Minister.
Why wild swings in forex & capital markets then? https://t.co/xNsNKhf067
— AaDiL Jillani (@Aadil_Jillani) December 4, 2018
‘Joke of the day’
Joke of the Day?
There is no economic crisis in Pakistan. Asad Umar
— Syed Kousar Kazmi (@syedkousarkazmi) December 4, 2018
‘Safaiyaan Pesh-e-Khidmat Hain’ aka ‘Excuses’
صفائیاں پیش خدمت ہیں جی۔،!!!!!
Umar, according to Radio Pakistan, also made it clear that no compromise will be made on the independence of State Bank of Pakistan (SBP).https://t.co/gzDvTmYjkV
— Nasir khan (@Nasirkhansf) December 4, 2018
Things are not getting any easier for the Pakistan Tehreek-e-Insaf
Reference to “those spreading rumors” sounds eerily familiar to Ishaq Dar’s comments when the PKR depreciated during his tenure. How credible are the finance minister’s remarks when the stock market tumbles and indicators continue to worsen? https://t.co/NV4wrJ2WDz
— Uzair Younus عُزیر یُونس (@UzairYounus) December 4, 2018