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Print

‘Won’t take IMF’s dictation’: Dar

  • Finance minister says he does not have to plead before the Fund
Published December 3, 2022
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KARACHI: Finance Minister Ishaq Dar on Friday said he was not concerned whether the International Monetary Fund’s (IMF) team arrived or not for the ninth review of Pakistan’s $7bn Extended Fund Facility (EFF), saying that he had to look at the country’s interest first.

Appearing on a private TV channel, the finance minister was questioned about the delayed arrival of the IMF team to which he said: “I don’t care if they come. I don’t have to plead before them. I have to look at Pakistan’s matters.”

He added that the IMF team was “most welcome” to come and the government was dealing with it on a weekly basis.

“Our ninth review is totally in order. Everything is in order and under normal circumstances … I have reassured them that our ninth review is in order and you should come and give Pakistan the $500 million funds,” Dar said.

He said the IMF could “not dictate” the government. “If they don’t come then we will manage — no problem,” Dar added.

As IMF funding delayed, Pakistan expects $3bn from friendly country

Pushed back on the implications of his approach, the finance minister acknowledged that he agreed with the potential fallout of a breakdown in IMF talks and said that was why he was talking to the body for the country’s sake.

“I know how to complete the [IMF] programme,” the finance minister maintained, stressing that the government would complete the current programme as well.

Dar said that in his talks with the IMF, he told the Fund that it should strike deals keeping in mind that the government could not further burden the people. Dar said he had told the IMF that it was “behaving abnormally” in regard to dealing with Pakistan.

“I have never taken dictation and never will from these institutions, I have to look after Pakistan’s interests,” the finance minister reiterated.

Regarding the general level of Pakistan’s foreign reserves and the risk of default, Dar said the government had made arrangements for all its liabilities for the fiscal year and would make all payments.

He also said that the government was currently in talks with an allied country for a deposit of $3bn, adding that there was a “positive understanding” present and Pakistan would definitely receive the funds.

“This is a matter of two weeks [for the amount to arrive],” he added.

Dar also rebuked former finance minister Miftah Ismail for his recent comments about the country’s risk of default and said he should be questioned about his six-month performance and where he left the level of foreign reserves.

“He is a nonentity for me on this subject,” Dar said.

Govt struggles for $1.18bn tranche.

Copyright Business Recorder, 2022

Comments

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Fazeel Siddiqui (Overseas Pakistani) Dec 03, 2022 12:10pm
PMLN/PPP accused PTI of planting mines for not abiding IMF agreement for giving relief to public but now what PDM's Daronomic doing? Planting hydrogen bombs for publicly defying & bullying IMF after destroying economy and lives of of Pakistanis?
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Rebirth Dec 03, 2022 02:02pm
IMF ignored the WB report that says we lose $17 billion yearly because of feudalism. We don’t collect agricultural tax and don’t undo the colonial-style luxuries of our government officers. In Pakistan, big government is literally that. It’s not hiring millions of people. Although, that happens too but it’s mainly ghost employees. It’s the worst in Sindh. The IMF shouldn’t demand new taxes from existing taxpayers. Demand the expansion of the tax base and collect utility bills from those who don’t pay. They’re too busy dealing with Ishaq Darstro’s rhetoric and expecting him to not be a revolutionary, who fights for the people. His manifesto tells him otherwise. Rule #6 of Daronomics: become the Punjabi Dulla Bhatti against the IMF because they’re imperialist criminals. But then launder the money of poor Punjabians abroad to perpetuate the imperialism of the powers that back IMF. Vive les Punjabiens! Vive le revolution! Ishaq BonaDarte also embodies and personifies the French Revolution.
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Zahid Tanveer Dec 03, 2022 02:37pm
@Fazeel Siddiqui (Overseas Pakistani), Economy destroyed in 6-7 Month, wawoo. what about 3 and half year PoTI Khan government, Get $30billion Loan, Stop CPEC, no timely purchase of LPG and Oil, destroy economy, What about PTI IMF 47 pages agreement in Nov-21 IMF agreement, signed by that time PM. You still said economy destroyed in this government.
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HashBrown® Dec 04, 2022 02:41am
There are very few countries in the world that would tolerate this level of shameless incompetence from a cabinet minister. This is the same Dar who spoke with the same confidence when he claimed that the Rupee/dollar rate would come back to below 200. Needless to say, those words have been long forgotten. And soon this brash claim will be forgotten too, when we squeeze existing taxpayers for their last drop of money just to meet the IMF demands. The alternative will be picking up the old begging bowl and going from country to country, which will strip us of any right to voice opinions internationally...what will Dar have to say about Pakistan's interests then? I'm sure we'll find out soon enough.
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