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Crisis period of Pakistan’s economy is over, claims Asad Umar

Crisis period of Pakistan’s economy is over, claims Asad Umar
April 8, 2019
ISLAMABAD (92 News) – Minister for Finance Asad Umar has said on Monday that the crisis period of Pakistan’s economy is over. Addressing a ceremony in Islamabad, the finance minister mentioned that the crisis phase is over, adding, “We are still in the stabilisation phase.” “Pakistan was facing three main problems on the economic front. The three chronic issues were the same when he was attending college 40 years ago,” he said. “We are stuck with the fiscal deficit, current account deficit and saving and investment gap,” Asad Umar clarified. He said that Pakistan was exporting less compared to the requirement of foreign exchange, adding that the government was paying Rs800 billion on interest payments for debts.
IMF talks in final stage
The minister said Pakistan’s talks with the International Monetary Fund (IMF) were in its final stage. He stressed that following the closure, the numbers of the loan deal would be shared. Umar revealed that the policy framework prepared had been shared with the IMF and sent to committees of the parliament and Senate.
Asad calls FBR to simplify tax return system
Asad Umar called on the Federal Board of Revenue (FBR) to simplify the tax return system with easier forms and lesser questions. “The amount of questions FBR asks you for your returns is more than those asked when you are accepting a marriage proposal for your daughter,” he said. The minister added that FBR should integrate its database and simply the mechanism for filing taxes. He added that the FBR would give a simplified tax system in this budget.
Govt to bring asset declaration scheme
Asad Umar further said that the government was bringing an asset declaration scheme. “There should be no doubt that the scheme will be successful when people know they won’t be able to hide when it expires,” he added. “FBR capacity to reach those who are not paying the right taxes has drastically improved,” he stressed.