Speaking to the media, Ishaq Dar predicted that the nation’s foreign exchange reserves will increase soon. Dar criticised PTI Chairman Imran Khan, saying that he makes careless comments. Additionally, he counselled Imran Khan, the former prime minister, to abandon interest-based politics.
Earlier, the minister stated, “I want to deliver a message to the markets,” as he spoke at the All Pakistan Chartered Accountant Conference. There is no need to worry; we are back in operation and will take care of everything. Nothing to be concerned about.
He said that everyone should be in the clear and that Pakistan “would not default.” The present administration prevented a default despite the country’s major problems, said the finance minister, even though it came at a high political cost.
For the fiscal year 2022–2023, according to Ishaq Dar, Pakistan would require between $32 and $34 billion to cover its commitments and financial demands. He said, “These include a current account deficit of around $12 billion and nearly $22 billion in international debt.
Dar, however, assured that the administration will make every effort to uphold the sovereign guarantees in order to preserve the nation’s honour.
The minister reiterated the government’s position regarding the restructuring of Paris Club loans. The administration will not contact the Paris Club for debt rescheduling, he claimed, having made that announcement shortly after taking over the Finance Ministry.
He also denied rumours that bond maturity dates might be extended into December 2022. According to him, Pakistan is a sovereign nation and should uphold its name and dignity by carrying out its obligations on schedule.
He asked chartered accountants to take responsibility for the national economy by influencing policymakers.
According to Shaq Dar, Pakistan is dealing with serious issues that have been made worse by the terrible floods. But he was sure that everything will work out just as it did in 1998-1999 and 2013, when the nation faced comparable difficulties.
He said that the Pakistan Muslim League-Nawaz (PML-N) government had guided the economy toward prosperity during its preceding administration and that it was anticipated that it would surpass Canada and Italy to become the 18th-largest economy. Because of political considerations, this was not possible.
Dar expressed remorse, saying that if the political parties had cooperated, the nation would have reached its goal of being the 18th-largest economy by 2026, but that instead it had slipped to the 54th spot as a result of political unrest.
He said that he has consistently backed a “Charter of Economy” that will aid in the economy’s transition toward sustainable development.
