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‘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.

Also read: ‘He has not resigned’: Finance Ministry clarifies after rumours that minister Asad Umar quit create confusion

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”.

Asad Umar speaking at 11 South Asia Economic Summit in Islamabad. Picture courtesy Radio Pakistan.

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

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But with expert advice, things can totally change for the good. For permanent solution to Pakistan’s economic woes, watch the video below

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