The minister also announced that the government will unveil a mini-budget on January 23 instead of January 21, citing Prime Minister Imran Khan's travel commitments.
Umar rejected reports that the government was only borrowing money, saying several agreements had also been signed to bring investment into the country. "The impacts of the investment agreements will start surfacing from the next week," he added.
Pakistan is in talks with the IMF to secure a $8 billion bailout deal for its ailing economy.
Earlier this month, Pakistan and the United Arab Emirates (UAE) finalised a $6.2 billion support package to help Islamabad address its balance of payments challenge. The package involved $3.2 billion worth of oil supplies on deferred payment, besides a $3 billion cash deposit.
Pakistan has already received $2 billion in cash deposit from Saudi Arabia, while the third tranche of $1 billion is due in the first week of February. During Khan's visit to Saudi Arabia in October, it was announced that the kingdom will provide a $6 billion package to Islamabad.
The deal included $3 billion in balance of payments support and just as much in deferred payments on oil imports.
Pakistan's "all-weather friend" China too, had pledged to lend it financial support to shore up the dwindling foreign exchange reserves.