Ishaq Dar, Pakistan's Finance Minister, stated on Saturday that despite the opposition's propaganda, Pakistan will not default on its debts since the country is moving in the right direction.
"Pakistan will not default on its debt just because the opposition is spreading lies about it" (Pakistan Tehreek-i-Insaf). During his conversation with businesspeople, Mr. Dar made the assertion that the course the nation is taking is appropriate and that it will not default on its obligations.
PTI Chairman Imran Khan and other leaders of his party have been making predictions that Pakistan will default on its obligations as a result of the "bad policies" of the coalition government that is led by PML-N. Mr. Khan is of the opinion that in order for the economy of the country to be stabilized, there must first be fresh elections held and then the crisis must be addressed by a stable government.
Mr. Dar added that the opposition was damaging the "economic cause" of the country by their actions. As an additional point of interest, the opposition is spreading rumors of corruption in an effort to discourage international investment in the country. He emphasized that the Pakistan Tehreek-e-Insaf (PTI) needs to have some serious attitude and should not play with the economy of the country.
The minister expressed his regret over the treatment he received from the PML government during its most recent term in office. "I was dealt with as if I were a terrorist. And the only thing I did wrong was try to remedy the problems the country was having economically. According to Mr. Dar, "I was compelled to live in self-exile (in the UK) for a period of five years."
He also criticized the previous governments of PTI and PML-N for remaining steadfast in their pursuit of a policy of rupee depreciation. We lowered the value of the rupee. "I had made it plain that under the tenure of Shahid Khaqan Abbasi, if a devaluation policy was observed then the government could not prevent the depreciation of our currency," he stated. This statement was made during Shahid Khaqan Abbasi's time in office.
Ishaq Dar was not a fan of the economic stance taken by Miftah Ismail, who had served as the finance minister for his party in the past. Mr. Dar succeeded Mr. Ismail as governor of the central bank after returning from London in September and posting bail in connection with a NAB corruption investigation. His primary objective was to restore stability to the nation's currency.
In the first few weeks of his administration, the value of the rupee went in an upward direction. However, in recent times, it has been struggling, and its value in relation to the US dollar is currently over Rs230. On the open market, foreign currency, particularly the US dollar and the Euro, is difficult to come by.
Mr. Dar stated that the national economy could not continue to serve as a laboratory for experiments. "We are trying our best to stabilize the economy," he said, adding that the government had chosen to go on a war footing to put an end to the smuggling of wheat. "We are doing our best to stabilize the economy," he said.
Samaa TV claimed that he stated that given the rate of growth Pakistan was experiencing towards the end of the tenure of the PML-N government, the country should have been included in the G-20 by now. Instead, he bemoaned that "our economy is today rated 46th in the world." [Citation needed]
The Finance Minister recalled that in 2013 when they took over, many people stated that the country was about to default on its obligations, but the PML-N government was able to prevent that from happening.
Mr. Dar stated, in reference to the issues that the PDM government is currently confronted with, that "We will have to work hard and focus on improving Pakistan's macroeconomic metrics."
"Here, the rich get their debts written off, but if [repayments of] loans of a few thousand poor widows are late, their properties are confiscated," he stated. "The rich get their loans written off because they have the money to pay them back."
One of the participating businessmen, Gohar Ijaz, made the request to the government to lower the interest rate. In spite of rising prices, Turkey has managed to maintain a low interest rate; "why can't we?" he said.
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