"The long-term solution to the balance of payment crisis is to increase our exports, and to do that we should have enough income so that we do not need to borrow," Umar, who was a part of the Prime Minister Imran Khan-led delegation that visited China recently, explained during a press conference today. "In this regard, we have received a commitment from the highest level.
"Regarding the doubling of our exports, we are not talking long-term. We have [this target] for the ongoing year. We have also discussed short-term reliefs. A decision in principle has been taken, but to discuss its modalities our contingent is going to Beijing on the 9th.
"So this curiosity that the people have will also be resolved soon. We had told you about the $12bn financing gap, of which $6bn have come from Saudi Arabia, and the rest has come from China so the immediate balance of payment crisis of Pakistan has ended. I want to make that clear in unequivocal terms. We do not have any balance of payment crisis now. "
A statement released by the finance ministry echoed Umar's remarks, adding that "a senior level delegation comprising of federal secretaries of finance, foreign affairs, planning & development and commerce along with the State Bank of Pakistan's governor will undertake a visit to China during the current week to work out the modalities".
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