Finance Minister Ishaq Dar on Wednesday assured investors at the Pakistan Stock Exchange (PSX) that the country will not default but did admit that the economy was in a \u201ctight position\u201d.
\nIn his address, the finance czar said he always believed that Pakistan has a prosperous future and \u201cresilience\u201d in its economy. However, he lamented that it was unfortunate that the country has been brought to a point where it should not be.
\n\u201cIt\u2019s been three months since I took charge and we listen every day that there is going to be a default. How will there be a default? There is no chance that Pakistan will default,\u201d the finance minister assured the investors.
\nDar assured that Pakistan would survive and is managing itself but conceded that the economy was in a \u201ctight position\u201d.
\nHe added that the country does not have the $24 billion reserves that the Pakistan Muslim League-Nawaz (PML-N) left in 2016 but that was not his fault.
\n\u201cThe fault is in the system and we must ensure Pakistan goes forward,\u201d said the finance minister.
\nDar said that as soon as the country\u2019s bond payments came close a \u201crhetoric\u201d was started that Pakistan will not be able to fulfill its commitment. He added that despite the payment of the bonds the \u201cpseudo-intellectuals\u201d kept claiming.
\nThe rumours were started by the same people who brought Pakistan to this point, he lamented.
\n\u201cBe conscious, do not listen to them. Disseminate information that Pakistan will not default. I can prove to anyone that Pakistan will not default,\u201d the finance minister maintained.
\nThe finance czar said that for \u201cpetty politics and objectives\u201d the country was being harmed.
\nTo prove his point, the finance minister said that Pakistan\u2019s debt-to-GDP ratio is currently 72% while it was 62% when he left the charge in his last stint.
\nHe also gave examples of other countries to further prove his point by saying that the US\u2019s debt-to-GDP ratio is 110%, Japan\u2019s is 257% and UK’s after COVID is 101%.
\n\u201cI can give you data of dozens of developed countries who are above 100% but I don\u2019t see an alarm there all the time that we are under the debt trap or difficulty. Unfortunately, we are our own worst enemy,\u201d said the finance minister.
\nDar told the investors that they have a big role to play and urged them to allocate some time to Pakistan apart from their businesses. He added that everyone needs to work together.
\nTurning his guns towards the government\u2019s arch-rival, Pakistan Tehreek-e-Insaf (PTI), Dar lamented that the Securities and Exchange Commission of Pakistan (SECP) was neglected during former prime minister Imran Khan\u2019s tenure.
\nThe finance minister added that they focused on the PSX and the SECP when they came to power and made things transparent.
\nHe added that the PTI government had not appointed three directors at the SECP and they filled the positions once they took over. He added that there was a need to focus on the corporate sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
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