ISLAMABAD: Former Finance Minister Miftah Ismail said that Pakistan lost $ 3 billion in remittances and exports due to unofficial capping of greenback. Miftah said that had matter with International Monetary Fund been sorted out by end of October situation would have been better. He said that default risk would have been minimised if ninth review was held and passed in Oct-Nov. World Bank would have had no justification for withdrawal of funds, he remarked.

However, Miftah said government took positive steps to bring International Monetary Fund back and hoped country would not default after government’s decision to have market-determined dollar rate.

Miftah said that IMF team would arrive in Pakistan on January 31 to hash out details of 9th Review, adding that reaction by global lender shows Fund is ready to go along with Pakistan. After revival of IMF programme, funds from friendly countries will also pour in, he added.

Miftah said IMF demands government increase prices of petrol, electricity and gas. “Everyone knows IMF would not talk to you unless you get dollar float free”, he said.

He added that IMF has come to table and now Pakistan has to show world that it can take right decisions. He said that government is saving dollars by not opening LCs which is hurdle in determining actual value of dollar. Ex-Minister said that hoarding of greenback is major concern as people are buying dollars instead of real estate.

Earlier Miftah Ismail slammed Finance Minister Ishaq Dar saying he doubted his ability to keep economy afloat. “I don’t know why Dar was brought back, but Dar thought he could run country without International Monetary Fund”, Miftah said. He said attempt to run country without IMFs assistance harmed Pakistan. Miftah said governance system could never be fixed without devolution of authority.

Published in The Daily National Courier, January, 28 2023

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