Cash-strapped Pakistan is negotiating a $ 8 billion bailout package from the IMF to overcome a severe balance-of-payments crisis that threatens to cripple the country's economy.
The government reached out to some "friendly countries" for economic assistance including Saudi Arabia, China and the UAE since Prime Minister Khan assumed office in August.
Umar said different alternative options were being explored instead of rushing into a new IMF programme which would bring more stringent economic conditions for Pakistan.
He told the Karachi businessmen that the government would be announcing a mini-budget on January 23.
The finance minister said he was meeting with businessmen in Karachi and Lahore to discuss the amended finance bill, which he said will facilitate businessmen.
Umar indicated that the amended bill will also carry "some good news" for the Pakistan Stock Exchange (PSX).
He also made it clear that the government had signed several agreements to bring investment to the country instead of just borrowing from friendly countries.
"The impact of these investment agreements will become known from next week," he said.
Pakistan and the UAE finalised the terms and conditions of a $ 6.2 billion support package for Islamabad this month.
Last month, the UAE said it will soon give $ 3 billion to Islamabad.
In October, Saudi Arabia agreed to provide Pakistan $ 3 billion in foreign currency support for a year to address its balance-of-payments crisis.
During Prime Minister Khan's visit to Saudi Arabia on October 23, it was announced that the oil-rich country will provide a $ 6 billion package to Pakistan to support its ailing economy.
The package included $ 3 billion balance of payments support and $ 3 billion in deferred payments on oil import.
Pakistan's all weather ally China has also pledged to provide a generous aid to Islamabad to overcome its financial woes. Beijing has not yet revealed the quantum of its financial support.
Pakistan apprehends the IMF will come with stringent conditions of austerity besides scrutiny of $ 60 billion China-Pakistan Economic Corridor projects whose terms till now remained confidential.
The Trump administration is making all efforts to ensure that any IMF loan to Pakistan is not used to repay its Chinese debt.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.