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Pakistan will not default, reiterates Ishaq Dar

  • Finance minister says Pakistan will escape current difficult economic circumstances
Published May 24, 2023

Finance Minister Ishaq Dar on Wednesday reiterated that Pakistan will not default and the country will escape the current difficult economic circumstances.

Speaking to the business community at the Federal Board of Revenue (FBR), he admitted that external financing was a huge challenge for Pakistan.

“After many years, Pakistan recorded a current account surplus in March and April 2023 and gave the 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 the government continues to make all-out efforts to escape the difficult economic conditions that have gripped Pakistan.

Speaking about the stalled International Monetary Fund (IMF) programme, he stated that the country completed all technical formalities of ninth review.

“It is unfortunate that the beginning of this review got delayed by 3 months but we completed all prior actions,” he said.

On Tuesday, the FBR assured the business community of taking up their budgetary proposals with Dar to incorporate them into the federal budget for the next fiscal year.

This assurance was held out by the FBR Member Inland Revenue (Policy), Afaq Ahmed Qureshi.

Qureshi said that these proposals by different chambers were also submitted to the FBR and some of the proposals are very good. “We will take these proposals to the finance minister,” he added.

Pakistan is moving through a rough economic phase given rampant inflation, plant shutdowns, unemployment, stalled IMF programme, rupee depreciation and depleting foreign exchange reserves.

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


Comments are closed.

TimeToMovveOn May 24, 2023 06:20pm
You have technically defaulted. You have done India great by running Pakistan to the ground. At times, I wonder if you are working for the BJP.
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Tulukan Mairandi May 24, 2023 06:33pm
Now I'm really scared. If he says that, it means a default is definitely gonna happen. Credibility and Ishaq Dar are two poles apart, like how Prosperity and Pakistan are similarly poles apart.
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Jani Walker May 24, 2023 07:07pm
Pak will definitely default. It is just a matter of time before the donor countries simply refuse giving any more alms. This is just another bunch of lies.
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KhanRA May 24, 2023 07:18pm
This guy destroyed our forex reserves twice - never forget that he did the same thing under the Nawaz regime to peg the rupee at 105 to the dollar. He has squandered billions of dollars. He should be in jail, but he will instead flee to London.
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Asif May 24, 2023 08:20pm
To thump your chest and say "see we have not defaulted" means nothing if you continue to ignore the underlying crisis The only thing worse than indecisiveness in the face of a crisis is incompetence Atif Mian
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amigo May 24, 2023 11:55pm
The best news . Thank you. Pakistan will notdfault and the country will escape the current difficult economic circumstances.
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bonce richard May 25, 2023 01:17am
@TimeToMovveOn, Pakistan already defaulted, where there is no legal govt.
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Jayjay May 25, 2023 06:51am
@Tulukan Mairandi, not at all the reality is quite opposite...
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Pervaiz May 25, 2023 06:56am
Pakistanis love their army jawans...but not the compromised generals... who for personal gains are ready to destroy the country...Pakistanis will never ever allow compromised generals to sell the soul of the country to save their skins!
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