ISLAMABAD: Former Finance Minister Miftah Ismail on Thursday said Pakistan lost $3 billion in remittances and exports due to the unofficial delimitation of the greenback.
Miftah said that the situation would have been better if the issue with the International Monetary Fund (IMF) had been resolved by the end of October. If the ninth review was approved in October-November, the default risk would have been reduced, he said. He remarked that the World Bank has no justification for returning the funds.
However, Miftah said the government had taken positive steps to bring back the International Monetary Fund (IMF) and expressed hope that the country would not default following the government’s decision to peg the dollar to the market. will
Miftah said that an IMF team would come to Pakistan on January 31 to finalize the details of the 9th review, adding that the international lender’s response showed that the fund was ready to go along with Pakistan. He further said that after the restoration of the IMF program, funds will also come from friendly countries.
Miftah said that the IMF demands the government to increase the prices of petrol, electricity and gas. “Everybody knows that the IMF will not talk to you until you get the dollar for free”, he said.
The economist added that the IMF has come to the table, and now Pakistan has to show the world that it can make the right decisions. He further said that the government is saving dollars by not opening LCs, which is a hindrance in determining the true value of the dollar.
The former finance minister said greenback hoarding is a major concern because people are buying dollars instead of real estate.
Earlier, PML-N leader Miftah Ismail criticized Finance Minister Ishaq Dar and said that he has doubts about his ability to keep the economy running.
“I don’t know why Mr Dar was brought back, but Mr Dar believed he could run the country without the International Monetary Fund,” Miftah said.
He said that trying to run the country without the help of the IMF has harmed Pakistan. He added that the government realized it had no option but to accept the tough terms of the international lender.
He said that a strange system has been established in Pakistan under which a small section of the elite takes all the decisions. “Every country is ahead of us, and that’s because of poor governance,” Miftah said. He said that the system of governance can never be fixed without devolution of powers.
He said that the authorities need to create employment opportunities for the lower class. He said that we have also seen the democratic system of government, presidential system and dictatorship, adding that the system of aristocracy has to be abolished.
Asked about the recently started national talks and the formation of a new political party, Miftah said that he is still part of the Muslim League-N and has no intention of contesting elections in the future.
