‘Pakistan’s economy is doing well,’ says Asad Umar

Former Finance Minister Asad Umar has declared that Pakistan’s new agreement with the International Monetary Fund (IMF) is beneficial, adding that there was no other option for the country other than to approach the lender.

Appearing on Dunya News’ programme Dunya Meher Bokhari Kay Saath, he said, “Financially, Pakistan’s economic condition is better than the previous year, and the country shows a lot of positive indicators as foreign reserves and remittance are increasing.”

He optimistically stated that economic growth will also become better in the next three to four months.

“Political instability is the biggest threat to Pakistan’s economy, and Prime Minister (PM) Shehbaz Sharif’s tough decision was taken for the public.”

Earlier, the International Monetary Fund’s (IMF) Executive Board approved the long-delayed $7 billion Extended Fund Facility (EFF) for Pakistan.

An initial tranche of $1.1 billion is expected to be released by the global lender on September 30.

As per reports, the loan carries an interest rate of less than five percent.