Amid continued criticism over the current economic crisis, Federal Minister for Finance and Revenue Ishaq Dar on Friday denied all reports that Pakistan should impose a fiscal emergency, and the Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) PTI) for spreading “fake news”. Pakistan is moving towards default.
Dar – who was sworn in as finance czar in September last year – blamed the previous PTI government for pushing the nation of 220 million people to the brink of default. It claimed that it was the coalition government that saved the country by prioritizing the state over its own politics.
The finance minister recalled that when the Pakistan Democratic Movement (PDM) – a multi-party alliance – ousted Khan through a no-confidence motion, the leaders of the coalition government decided to put aside all political interests in the larger interest of the state. what was .
“My presser today will be a reality check for Imran Khan,” Dar fumed as PTI leaders called him out since the rupee fell to an all-time low of 285.09 a day earlier, while the February Inflation had reached a nearly 50-year high. 31.5%
A day earlier, the ousted prime minister slammed the PDM-led government for slaughtering the rupee to bring back the “regime change conspiracy” narrative imposed on Pakistanis by former army chief General (retd) Qamar Javed Bajwa. Taking to Twitter to condemn
“Rupee slaughtered – lost 62% or more than 110/$ in 11 months of PDM. This alone has increased public debt by 14.3 [trillion rupees and] 31.5% inflation at a historic 75 [year] high. Khan tweeted.
Rupee slaughtered – lost over 62% or 110/$ in 11 months of PDM. This has increased public debt alone Rs 14.3 trn & historic 75 yr high inflation 31.5%. Pakistanis paying heavy price of regime change conspiracy where a bunch of criminals have been foisted upon nation by ex COAS. pic.twitter.com/xVkqxg6IN6
— Imran Khan (@ImranKhanPTI) March 2, 2023
Expressing his surprise and concern over Khan’s continued criticism of the coalition government, he said: “I am unable to understand whether he (Khan) has a problem with his leg or his brain.”
Dar said that instead of protecting the national interest, the PTI leadership tried to sabotage the International Monetary Fund (IMF) agreement. “Khan’s attitude is selfish.”
Pakistan is desperately trying to convince the Washington-based lender to release an outstanding $1.1 billion tranche that would open up other financing avenues for Pakistan.
Dar – who has been finance minister three times in the past – reiterated that Pakistan has not defaulted in the past and will not default in the future.
Referring to Khan’s remarks about the default, the finance minister said the PTI chairman’s statements had a negative impact on the country’s financial markets.
However, he admitted that the reserves of the State Bank of Pakistan (SBP) fell below $3 billion.
It should be noted that as of February 24, the country’s liquid foreign reserves are about $9 billion, while the net reserves with commercial banks are about $5.5 billion.
Commenting on the economic crisis facing the country, he said that last year, the extraordinary floods caused by the above-normal monsoon rains caused over $30 billion in losses.
Pushed to the brink by last year’s devastating floods, Pakistan has barely enough stockpiles for three weeks of essential imports.
Citing a report compiled by the World Bank, Dar said the country needs more than $16 billion to rehabilitate flood victims. He recalled that the country had secured pledges of more than $8 billion in flood pledges at the International Conference on Climate Resilient Pakistan in Geneva.
Sharing a numerical comparison of nearly four years of PTI’s performance and nearly 11 months of the PDM-led government, Dar said Khan and company did everything to “destroy the country”. However, the statistics show who is loyal to the country.
