ISLAMABAD: Finance Minister Asad Umar on Tuesday reiterated the government will be obtaining an IMF bailout package for the last time to steer the country out of the current financial crisis.

Speaking on the floor of the National Assembly, the minister said Pakistan faces a trade deficit of $35 billion, causing depreciation of the rupee against the US dollar.

Assailing the opposition PML-N, he said the budget deficit soared to 6.6 percent of the gross domestic product (GDP) during the previous government’s term.

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He said the PTI government simultaneously approached friendly countries and the International Monetary Fund (IMF) to fend off a looming economic crisis.

He said while a delegation of the Fund has been asked to visit Islamabad at the earliest for talks on a bailout package, the government has yet not decided to seek the bailout from the IMF.

Speaking about a bailout from Saudi Arabia, Asad Umar said the kingdom agreed to provide $3 billion worth of oil on deferred payments in addition to another $3 billion to be deposited in the account of the State Bank of Pakistan. Agreements worth $9 bn were reached with the kingdom for a period of three years, he added.

He said the government would not put burden on the poor and instead take measures to resolve the issues faced by them.

He said our target is to reduce the country’s trade deficit. Speaking about Prime Minister Imran Khan’s upcoming visit to China, he said the government would raise the issue of trade deficit with China, pushing for an increase in export of Pakistani products to China to reduce the trade imbalance.

Referring to speeches by members of the opposition benches, the minister said the begging bowl cannot be broken by just making emotional speeches as practical steps are required for the purpose.