Balance of Payment Crisis Has Ended: Asad Umar

Federal Finance Minister Asad Umar has said that the looming balance of payment crisis Pakistan was feared to face has ended now.

The Minister declared the country is not facing any balance of payment crisis anymore. He made this statement while addressing a press conference with Foreign Minister Shah Qureshi in Islamabad.

Umar said Saudi Arabia has provided $6 billion and the country also received money from other sources evert the looming crisis.

Both the ministers briefed media about the Prime Minister’s visit to China.

The financial wizard of PTI-led government opined that there is a need to improve exports for permanently addressing the issue of balance of payment.


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A high-level Pakistan delegation is leaving for China on Nav 9 where among others issues it will discuss the outlines of China’s assistance to Pakistan for addressing the balance of payment issue, the finance minister added.

Shah Mahmood Qureshi declared the recently-concluded visit of Prime Minister of Pakistan Imran Khan to China as productive and successful.

He added the visit helped transform the strategic relations with our all-weather friend China into financial cooperation.

The top diplomat of the country said China had successfully brought some 300 million people out of poverty traps in just 30 years. Pakistan and China agreed to cooperate for the alleviation of poverty.


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“A MoU was regarding poverty alleviation. China has immense experience in this regard,” said the foreign minister.

He said technical teams of both the countries would decide the specifics and details of the agreements reached during the Prime Minister’s visit.

China has complete trust that the new Pakistani leadership has the understandings of CPEC’s importance, the minister said. Qureshi said both the countries have agreed to hold the JCC meeting in December this year.

Qureshi said that during the visit, it was also agreed that prisoners will be transferred so that they can spend the sentence in their own countries.

Qureshi said the second purpose of the visit was to seek assistance to stabilise the country’s economy. “Discussions were held to increase exports. We have also decided that the second phase of FTA will be completed soon and by April we will complete negotiations in this regard.”