Asad Umar answered tough questions related to ministry

Asad Umar answered queries related to the economy

Asad Umar

Asad Umar Finance Minister of Pakistan answered 15 toughest questions.

session was organized to ask Asad Umar about his plans and performance

“As for non-custom paid cars, we are implementing a computerised chips system where we will be immediately able to track which cars are custom paid and which are not”

Dr.Hafiz Pasha was sharing his recent study results and he was saying the highest investment returns on any initiative in Pakistan is on education and we will invest in a knowledge economy.

The technological end will have support from the private sector. FBR has shared data with NADRA and they are running data analytics as we speak so we have full information. Our first step to date remains massive structural changes.

NFC has started working; the aim is towards going in the direction of a one window tax collection operation to make it easy for people. FBR will go towards administration and technology will be massively used.

Let people earn revenue and give them some leeway while also getting them into the net and then we see if they do not adhere to the rules they will have things made very difficult for them.

“They are ordinary Pakistanis who are just used to working a certain way because this is how the system is. There is an argument that there should be no amnesty, but there is a perspective that” said, Minister

“Right now we have no idea what the size of the Pakistan black economy is. We don’t have a proper answer in our systems so we can get back to you on this later. The grey economy is not thieves and dacoits.” Asad Umar

I can only give a direction as to where we are heading. One is that big initiatives like tourism and housing will take time to show results. Second is that people have lost faith in the world of govt. So that will also take some time to regain trust.

What has been the result of it? That our own farmers are being burdened, our local people are being burdened because we are making the price cheaper for the overseas competitors. The national price monitoring committee will also be addressing the same issue.

We will go through a process; crisis, stabilisation and then growth. The exchange rate is an instrument; we need to look at a bigger picture with exports, employment and more. This was an economic variable that was kept overvalued.

When you take a responsibility; then you take positions and you take risks. You don’t worry about public opinion. I know what state our public is in and how we want to relieve the burden from them in the long run.

We need to bring this into our structural reform and on renewable energy we are working with the Korean develop the program on a whole extensive program on this.

Technological initiatives like smart metres are also being introduced to reduce electricity theft. But the third and most important is structural changes. The way renewable energy prices are dropping, this is also an opportunity for us to leapfrog.

Regarding allowable losses by Nepra, since the past few months when we began a campaign we have seen a two per cent decrease in the losses. But this will not just happen from administrative initiatives.

“We will show you a comparison of what the previous governments have done in their first year and then let’s see where we stand today.” Asad Umar