Finance Minister Ishaq Dar has said that Pakistan will not go bankrupt, propaganda is being done about defaulting Pakistan. I can’t say when the staff level agreement will be with the IMF, but it won’t happen this week.
Addressing the event in Islamabad, Ishaq Dar claimed that Pakistan will not default, reports of Pakistan defaulting are misleading, appreciated the role of the World Bank in Pakistan’s development. Grateful to our development partners, this seminar is also important for that reason.
Federal Finance Minister Ishaq Dar said that the government will start preparing the next budget, the government is facing inherited crises, the government is trying to control the deficit and steer the economy in the right direction.
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Ishaq Dar said that due to financial mismanagement, Pakistan’s economy suffered a crisis in a few years. In 2016-17, Pakistan’s economy was the 24th economy in the world. In 2018, international organizations named Pakistan as the second best country for investment. .
The finance minister said that the market capitalization lost 74 billion dollars in the last few years, the per capita income increased by only 30 dollars from 2018 to 2022, and the per capita income from 2013 to 2018 was 379 dollars to 1068 dollars. The size of the country’s debt was 25 thousand billion rupees and reached 55 thousand billion, the coalition government made payments on the debt. Non-payment of loans undermines the confidence of development partners.
Ishaq Dar said that the assurances given by the previous government have been fulfilled by the current government, Pakistan has completed only one IMF program which happened in 2016, dictators also did not complete the IMF program during their time. .
He said that Pakistan needed funds for the rehabilitation of flood affected people, Pakistan will spend 3200 billion rupees from its resources to help the flood victims.
The Prime Minister has recently announced austerity, according to which the Finance Ministry has issued necessary notifications.
He said that there is baseless propaganda about Pakistan’s economy, there is no truth in the propaganda about the bankruptcy of Pakistan’s economy, I invite all political parties to make a compromise economy, do not make any changes in this compromise economy. I welcome the contract economy keeping politics aside.
Ishaq Dar said that the positions we hold are trustworthy and accountable to the people and Allah, the Asian Development Bank is the main development partner of Pakistan. In the new budget, they want to stabilize the economy in the country, they want to reduce the challenges for the people in the new budget. The current tough times will soon pass, the current economic team is working hard.
He said that these are more difficult situations for me compared to the past experiences, many decisions have been taken to increase agricultural production, reforms in the energy sector, the power sector has to be fixed through structural reforms, the production cost of electricity is 3 thousand. Billion is Rs.
Federal Finance Minister Ishaq Dar said that only around 1600 billion rupees are being recovered. As a country and nation have been able to move forward.
The finance minister told the media that the staff level agreement with the IMF is not likely to be reached this week. The IMF has been satisfied, an agreement will be reached with the IMF in a few days, Finance Minister Ishaq Dar asked the journalist that you had said that the agreement would be reached this week, I said in a few days, not this week. has said