Home Economy Pakistani government to overcome economic crisis soon – Minister

Pakistani government to overcome economic crisis soon – Minister


Lahore : Pakistani Provincial Minister for Finance and Planning and Development, Tanveer Ashraf Kaira said that the government would soon overcome the economic crisis and there is no danger of default as the nation’s banking system is very strong.

He expressed these views while talking to mediamen after inaugurating Bank Al‑Falah Limited Branch at PIA, Housing Society here Friday.

The Minister said that liquidity position of banks has been improved after the timely steps taken by the State Bank of Pakistan.

He said that the government is working on war‑footing to resolve the economic crisis as short and long term policies are being introduced for this purpose. He said that due to concrete steps taken by the government, the law and order situation has been improved.

He further said that the performance of banking sector during international financial crises is appreciateable.

In ISLAMABAD, Federal Minister for Privatization Naveed Qamar said that IMF loan is a short‑term measure only for 23 months and the country will come out of economic crisis soon.

Talking to ARY, he said the loan from IMF is inevitable as no other option is available for the government. He said IMF has made special 23 months loan programme in the wake of global recession.

“ If other indicators remain constant, we hope to come out this crisis very soon, our growth will be good in next financial year as compared to this one if financing and stabilization comes”, he said.

The Minister said there is need to correct fundamentals.” We need to generate surplus from our basic strengths like agriculture and manufacturing sectors, it can give quick turnaround”.

He said that meeting external financing requirements and attracting foreign investment is possible from exports if they succeed to generate surplus from these two sectors.

Replying to a question, he said it is inevitable option to go for IMF as the country has been facing three crucial economic issues ‑ high financial deficit, unprecedented borrowing from State Bank and high Inflation simultaneously.

He said the government has already taken other measurers to correct the situation but taking loan as it was the only available option.