There will be no compromise on the independence of State Bank of Pakistan, says finance minister
\nnews desk
\nISLAMABAD
\nFinance Minister Asad Umar on Tuesday dismissed the notion that the country is facing an economic crisis and said all fundamental economic indicators are improving.
\nAddressing the inauguration ceremony of the 11th South Asia Economic Summit in Islamabad, the finance minister said, \u201cThe financing gap for the current fiscal year has been plugged and the fruits of government\u2019s vibrant economic policies will soon be visible.\u201d
\nRegarding reports of the country facing a crisis, Umar said, \u201cAll fundamental economic indicators are now improving with exports witnessing an upward trend while the imports are decreasing. Current account deficit is also being overcome gradually.\u201d
\n\u201cSpreading rumours about the national economy would not do any service to the country,\u201d he added.
\nSpeaking about the devaluation of the rupee last week, the finance minister said, \u201cThe State Bank of Pakistan (SBP) had taken the decision and they will continue to take such decisions.\u201d
\n\u201cSuch decisions are taken by the central bank and if need be then its working will be strengthened,\u201d he added.
\nUpholding that there has been no change in the Pakistan Tehreek-e-Insaf\u2019s (PTI) policy, the finance minister said, \u201cThere will be no compromise on the independence of SBP rather it will further be institutionalised.\u201d
\nHe further clarified, \u201cA mechanism regarding communication between the SBP and Ministry of Finance is being worked on.\u201d
\nA day earlier, Prime Minister Imran Khan Prime Minister Imran Khan during a meeting with TV anchors and reporters said SBP did not inform the government before devaluing the rupee last week and they are now working on a mechanism to ensure this does not happen in the future.
\n\u201cWe are now working on a mechanism under which the SBP cannot devalue the currency without taking the government into confidence first,\u201d the premier had said.<\/p>\n","protected":false},"excerpt":{"rendered":"
There will be no compromise on the independence of State Bank of Pakistan, says finance minister news desk ISLAMABAD Finance Minister Asad Umar on Tuesday dismissed the notion that the country is facing an economic crisis and said all fundamental economic indicators are improving. Addressing the inauguration ceremony of the 11th South Asia Economic Summit […]<\/p>\n","protected":false},"author":2,"featured_media":29120,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-38720","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n