SUNDAY TIMES ISLAMABAD: Asad Umar told the committee that the talks for economic package with United Arab Emirates  have been in concluding stage.

Umar while briefing the senate committee session chaired by Farooque H. Naik, said that the government was not in any hurry for a bailout package of the International Monetary Fund .

Asad Umar told the senate body that global recession is the cause of recent slide in the share market.

He said Pakistan has received US$ two billion from Saudi Arabia in relief package, while the monthly 270 millions’ oil facility on deferred payment from the kingdom,  will begin from January for three years.

He said the talks with UAE for the relief package will be finalized within few days. He said the fiscal deficit for the current year has come to an end.

The minister informed the senate committee that in last three months of the previous government circulatory debt increased by staggering 600 billion rupees.

He said the US dollar has gained 10 percent value against Pakistani rupee during August to December.

Asad Umar informed the senate body that most of the economists have backed Pakistan’s move to get bailout package from the IMF.

Finance Minister said a proposal of hike in taxes and tariffs was under consideration, he said that the tax on some imported raw material could also be slashed.