Pakistan’s economy is unstable due to political instability, Ishaq Dar

Federal Finance Minister says previous government reversed agreements with IMF due to which there are difficulties in signing agreement with financial institution

Finance Minister Ishaq Dar has said previous government reversed agreements with IMF in 2020 and 2022, IMF does not care who is sitting in government, they only care country did not comply with agreement.

These views were expressed by Federal Finance Minister Senator Ishaq Dar during a meeting with industrialists and business community leaders in Islamabad. Senator Muhammad Ishaq Dar said that the previous government did not honor the agreements made with the IMF, due to which Pakistan’s reputation suffered a huge blow. We are trying our best. We are trying our best in these difficulties to fulfill all previous commitments. Obviously, it has a good bearing on the business community and the common man, no doubt.

He said that electricity prices, gas prices, and general inflation have increased. These problems cannot be solved in a day. You come and turn the off-on button and the problems are solved. The same challenges that existed in 2013 and 1998 remain today. We have accepted these challenges and hope to resolve the issues. But it will take time. In 1998 and 2013-14 too, we came out of trouble. In 2017, our economy was very good, every institution in the world was appreciating, the stock market became the best in South Asia, foreign exchange reserves were at their peak, inflation level was at its lowest. Food inflation was 2 percent, and general inflation was only 4 percent. When I left in 2017, the policy rate was 5.5 percent. Pakistan was moving in the best direction.

The Federal Finance Minister said that due to political instability in Pakistan, the economy is becoming unstable. He said that he will get the country out of trouble. In 2017, the economy was ranked 24th in the world, in 2023, the same economy moved to the 47th position. It was very painful for all of us.

He said that we can easily get out of it in two simple ways. One is to say that we did not take responsibility for it. When I was in England, it was discussed in the consultation of Mian Nawaz Sharif that this government should be allowed to run so as to cause as much destruction as possible. We knew it was a difficult decision, but we took it. So we thought that politics has been happening, and we decided to sacrifice politics for the sake of the country. All parties of PDM decided, we took this responsibility.

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