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Pakistan

Ishaq Dar has inflicted huge financial dent to Pakistan: Miftah Ismail

  • Former finance minister says Dar thought he could run the economy without IMF programme
Published January 26, 2023

Former finance minister and Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail said on Thursday that Pakistan has suffered a huge financial loss due to Ishaq Dar’s approach of not having followed the International Monetary Fund (IMF) conditions.

During a show aired on Geo TV on Thursday, Miftah stated that “when Dar was appointed, he thought that he could run the economy without the IMF or amend the terms of the agreement”.

“He was bent on giving a cold shoulder to the IMF but now it is clear that Pakistan will move forward with the Fund.”

Dar had seemingly intervened in the currency market to stabilise the rupee, reportedly much to the annoyance of the lender who insisted that Pakistan follow a free-floating exchange rate. At the same time, there were other conditions that Pakistan failed to get a move on, developments that stalled the ninth review of the IMF’s bailout programme.

However, on Thursday, the rupee witnessed massive depreciation against the US dollar in the inter-bank market, as the country moved to fulfil part of the IMF conditions.

Miftah also underlined that the risk of default for Pakistan spiked when former prime minister Imran Khan violated IMF conditions and announced a subsidy on fuel and electricity prices.

Meanwhile, the former finance minister accused Dar of “lobbying against” him in the media and PML-N circles. “However, I am unaware if this same lobbying is linked to his comeback as finance minister.

“I knew for a long time that Dar wanted to return as he had been appearing in TV shows and targeting me in internal party groups,” Miftah added.

He stated that prime minister had appointed Dar “hence, I do not see anything unusual in it.

The former finance minister also announced he will not contest elections, citing that “Pakistan is more important to me”.

Comments

Comments are closed.

Tariq Jan 26, 2023 05:09pm
Miftah sb is absolutely correct. It is shameful that Dar sb was brought in to replace a more qualified person, and it is even more shameful that Dar sb issued public statements against IMF in language that should not have been used by a person in his position.
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Boncr Jan 26, 2023 05:18pm
@Tariq, .Mifthah Is not Punjabi so our Punjabi bucrecreat not like him. When army is not sincere what you expect.
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Mushtaqq Jan 26, 2023 05:57pm
I think Ishaq Dar should really be replaced by Miftah.
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Qasim Jan 26, 2023 06:10pm
At least he has given a try when no one dares to. You surrendered to dollar mafia twice before even before trying. Country was neither progressing very well in your time and not now so give him credit of trying to float without IMF.
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Kaashif Jan 26, 2023 06:42pm
Miftah Ismail should be appointed the future PTI government's finance minister. He would be more at home there, despite the previous valid criticisms he has made against the PTI.
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Iqbal Hussain Jan 26, 2023 10:50pm
Simply, it can all be attributed to" Bad Governance". It is not the case for Mifta Vs Dar. There are also some other factors that should be taken into account. But The most important among all is bad governance. In reality, Nobody ever tried to focus on improvement of governance and the tresult is now in front of us.
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Ch K A Nye Jan 27, 2023 09:39am
@Qasim, Dar BS about knowing how to handle the IMF blah blah blah turned out to be merely a manifestation of his who and thus totally out of touch with reality.
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Muhammad Ali Jan 27, 2023 10:22am
Ishaq Dar is a family member. That's is the far far overwhelming criteria for his appointment.
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