Pakistan facing shortfall of $2 billion a month, says Asad Umar

Pakistan Tehreek-e-Insaf (PTI) leader Asad Umar, who is expected to become the next finance minister of Pakistan, has revealed that the country is facing a shortfall of $2 billion a month.

“We are facing a significant current account crisis, it’s well-known, well-document,” said Umar, while talking to a US think-tank in Islamabad, quoted Dawn. “From the time when the PML-N came in power five years back, the current account deficit of $2bn a year, to a situation where in the last three months we have been running a current account deficit of $2bn a month,” he added.

The soon-to-be finance minister was of the view that the current trend 'is not sustainable' and will require 'urgent action' to deal with it. The upcoming government would explore all available opportunities, he added.

“But the decision has been left so late that you will have to look at all options … including discussions with bilateral and multilateral organisations. It is the most immediate crisis that is being faced.”

Meanwhile, the former Engro chief, in another interview, said a task force would be established to bring the looted money back to Pakistan. Talking to a private news channel, he said, “We will have discussion with foreign experts for bringing back the looted money of Pakistan.” Quoting Ishaq Dar’s statement, Asad said $200 billion were kept in the Swiss banks.

Marred with economic woes, Pakistan is also subject to widespread tax evasion, where less than 1pc of roughly 200 million people pay income taxes.