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Default averted at very high political cost: Ishaq Dar

Default averted at very high political cost: Ishaq Dar

Default averted at very high political cost: Ishaq Dar

Finance Minister Ishaq Dar was addressing All Pakistan Chartered Accountants Conference 2022.

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  1. Finance Minister Ishaq Dar said Pakistan will not default
  2. He said default had been averted at a very high political cost
  3. He said Pakistan will fulfill all sovereign guarantees for its credibility
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ISLAMABAD: Federal Minister for Finance and Revenue Senator Ishaq Dar once again gave a clear message that there was no question of Pakistan going into default as it had been averted although at a very high political cost.

“I want to give a message to markets through this conference… no need to get nervous, we are back to business, Insha’Allah we will arrange everything. Nothing is to worry,” the minister said while addressing here the All Pakistan Chartered Accountant Conference.

He said Pakistan would be fine and nobody should have any problem because “Pakistan will not default”. He said the country was facing serious challenges but the incumbent government had rescued it from default although it had to give a “very high political cost”.

“If there is a choice between state or politics, the priority should be the state and not the politics as if the country is there, there may be politics. If there is no county where there will be politics?” he asked.

Ishaq Dar said Pakistan requires around $32-34 billion to fulfill its liabilities and financial needs for the fiscal year 2022-23. This include around $22 billion multilateral-level debt liabilities and $12 billion current account deficit, he added. He vowed that the government would work hard to fulfill the sovereign guarantees to save the country’s pride.

The minister once again clarified the government’s position about reschedulingParis Club’s debts. He said soon after assuming charge, he announced that the government would not approach the Paris Club for rescheduling of loans.

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He also rejected the speculations on extending bond maturity dates beyond December 2022. He said Pakistan was a sovereign country and would meet its obligations in time for its own credibility. He urged the chartered accountants to play their role and influence politicians to work for the betterment of national economy.

Dar said Pakistan faced deep challenges which were further increased by the devastating floods. He expressed confidence that everything would be corrected as done in 1998-99 and 2013 when the country was facing similar challenges.

He said in its last tenure, the PML-N government had put the economy on growth but it was predicted to be become the 18th big economy, but it could not be done due to the political interest of some parties.

“Had the political parties joined the hands together, the country would have achieved the target of becoming the 18th big economy by 2026, however due to political instability, it now stood at 54th position,” he lamented

Dar said he favoured a ‘Charter of Economy’ that would help put the economy on a sustainable growth path. Replying to a question, Dar said that in 2013 Pakistan was on the virtual black List of FATF and due to the hard work by the PML–N government, the country moved into the grey list in 2014 followed by the white list in 2015.

“I had done my projection for the economy and the prime minister is better aware of it,” he said, adding that the government was working on his projections to revive the economy.

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To a question, he said the previous government impeded CPEC projects which led to increased cost. Dar said the inflation did not surge all of a sudden rather it was due to the incompetence of the previous PTI government over the last four years, pushing the country to the prevailing situation.

He added the incumbent government was working to stabilize macroeconomic indicators to control inflation. The minister said the dollar appreciated artificially which would be brought down to its natural value below Rs200.

 

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