Ishaq Dar faces another failure, ally countries defer financial packages

After the removal of Miftah Ismail and the appointment of Ishaq Dar as Finance Minister, the financial packages from the ally countries to Pakistan were deferred.

Economic circles told News360 that Finance Minister Ishaq Dar reviewed all the negotiations held between Dr Miftah Ismail and ally countries on financial packages from April to September.

During this time, the talks which were going on at various stages got stuck and in this regard, the concerned officers and the concerned heads of the departments fell into an uncertain situation.

Sources told News360 that as much work as Dr Miftah Ismail had done in this regard, after the arrival of Ishaq Dar in the last week of September, Ishaq Dar decided to push him forward in his own way. In this regard, Dr Ismail’s initial preparations and suggestions are being re-evaluated.

According to sources, the finance minister has visited China, Saudi Arabia, United Arab Emirates (UAE), but no significant progress was made on the financial packages during all these visits.

Saudi Arabia’s Prime Minister and Crown Prince Mohammed bin Salman’s visit to Pakistan has also been delayed, due to which Saudi Arabia’s $5.2 billion relief package has also been further delayed.

Even on the $8.2 billion financial package with China, matters are limited to files and proposals, and there has been no significant progress so far in transferring money or signing an agreement in this regard.

Dar’s recent visit to the United Arab Emirates (UAE) did not see any breakthrough in matters related to investment in Pakistan. The incumbent government of Pakistan is making attractive investment offers to UAE investors through privatization in Pakistan. A special briefing has been given to UAE investors to invest in the stock market.

Powerful circles told News360 that Pakistan needs a $16 billion aid package to control the current account deficit on the terms of the International Monetary Fund (IMF) and in this regard, Pakistan’s economy cannot afford even a day’s delay.

The change of the finance minister in the first five months by the coalition government is causing irreparable damage to the economy due to the delay in these aid packages and the government’s claims to stabilize the dollar do not seem to be coming true, they added.

It should be noted that the development came at a time when our credit-debit swap reached 75 per cent, while two days ago it was at 64.5 per cent.