Ishaq Dar
Pakistan News

Dar Again Eliminates The Option Of A Default

Dar Again Eliminates The Option Of A Default

June 3, 2023 / By Zunair Tahir / Pakistan News

Reforms are promised by the finance minister for “long-term improvement” of the nation.

Ishaq Dar, Pakistan’s finance minister, again ruled out the idea of a default on Saturday and pledged that changes are being prepared for the “long-term improvement” of the nation.

The finance czar promised to work with other government officials to help the nation overcome its present economic difficulties while speaking to a delegation from the Karachi Chamber of Commerce and Industry in Islamabad.

Dar said that the Ministry of Finance will start a revolution in agriculture and create a sovereign wealth fund. He added that he is committed to take actions that have previously been disregarded and that the IT industry would also be a priority of his.

The group was also told by the finance minister that there is “no technical justification” for the IMF program’s postponement, which is unprecedented.

He insisted that Pakistan was an independent nation with trillions of dollars’ worth of assets.

Dar said that the nation has over $100 billion in foreign liabilities, but just one asset, its gas infrastructure, is valued between $40 and $45 billion.

The business sector was also urged by the finance minister to make fair expectations for the 2019 budget, and the administration promised to work with them.

Dar’s remarks came a day after a cabinet member said that Pakistan’s request to lessen the need of arranging $6 billion in new loans had been denied by the global lender, leaving the government with little choice except to attempt to resurrect the arrangement.

Minister of State for Finance Dr. Aisha Pasha stressed that Pakistan’s only choice was to return to the IMF in a policy statement delivered at the National Assembly Standing Committee on Finance.

Dr. Pasha claims that Pakistan asked the IMF to take into consideration lowering the $6 billion external funding demand based on fresh data on the current account deficit, but the Fund declined. The other $3 billion was to be arranged after the staff-level agreement, she said, but the IMF insisted on “demonstrating the $6 billion.” She went on to say that there was an understanding to arrange $3 billion before the agreement.

The statement from the ministry of finance shows that the IMF has not altered its position despite a call from Prime ministry Shehbaz Sharif to IMF Managing Director Kristalina Georgieva.

The IMF has already paid out $3.9 billion of the overall $6.5 billion rescue package during the previous four years, with the remaining amount depending upon the conclusion of three outstanding assessments.


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