Islamabad: Finance Minister Ishaq Dar reiterated that Pakistan will not default and country will escape current difficult economic circumstances. Speaking to business community at Federal Board of Revenue (FBR), he admitted that external financing was huge challenge for Pakistan.

“After many years, Pakistan recorded current account surplus in March and April 2023 and gave global economy a surprise,” he said. “Many nations were sure that Pakistan would default but let me make it clear that Pakistan will not default.” He stated that government continues to make all-out efforts to escape difficult economic conditions that have gripped Pakistan.

Speaking about stalled International Monetary Fund programme, he stated that country completed all technical formalities of ninth review. “It is unfortunate that beginning of this review got delayed by 3 months but we completed all prior actions,” he said.

FBR assured the business community of taking up their budgetary proposals with Dar to incorporate them into federal budget for next fiscal year. Pakistan is moving through rough economic phase given rampant inflation, plant shutdowns, unemployment, stalled IMF programme, rupee depreciation and depleting foreign exchange reserves.

At such point, resumption of IMF programme can prove to be respite for troubled economy.

Published in The Daily National Courier, May, 25 2023

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