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Print Print 2023-06-04

Economic slide arrested, Dar tells businesses

  • Finance minister says political instability has been a major item for compounding loss to the economy
Published June 4, 2023

ISLAMABAD: Finance Minister Ishaq Dar Saturday said the country would not default, adding that the declining trend has been stopped and now it has to be reversed.

Addressing a delegation of the Karachi Chamber of Commerce, Pakistan Business Council (PBC) and Overseas Investors Chamber of Commerce and Industry (OICCI) with respect to budget 2023-24 proposals, the finance minister said it was his usual practice during the previous tenure after 2013 to invite chambers and businesses for their input in the budget-making process and accommodate their suggestions.

He added that “today we are sitting for the next fiscal year budget and asked the chambers to suggest responsible proposals with regard to the industry-specific problems which could be accommodated according to available fiscal space and keeping in view global commitments.” Dar said the government wants to steer the country out of the economic situation.

Ishaq Dar announces reduction of Rs8 in petrol price

He added that after the budget there would be long-term measures for improvement in agriculture and other sectors including IT. The finance minister also recounted that difficult economic challenges were twice dealt by him in the past and expressed the hope that he would be able to do again.

He said the government has implemented the sovereign commitments by undertaking difficult reforms at huge political cost which burdened the business community and common man whether power, gas sectors or on the fiscal side. He accused the PTI government of not only reversing the commitments in fiscal year 2022 but failing to implement them and consequently, Pakistan’s credibility was eroded.

He said there is no quick fix to these problems and challenges required time. The finance minister also stated that political instability is a major item for compounding loss to the economy.

He regretted there was an unprecedented delay on the part of the multilateral, obviously referring to the International Monetary Fund (IMF) agreement, despite the fact that the most difficult and painful reforms in energy, gas, and fiscal sides were undertaken. Dar also castigated those who were predicting that the country is at the verge of default and stated “I assure you that Pakistan is a sovereign country and will not default.” He said if there is debt of $100 billion on the country, it also had assets of trillions of dollars. He said that the government’s foremost and first priority is that there is no delay in sovereign commitments

He said that appropriate time was to consolidate the achievements which were after 2013. He maintained that “at present, the declining trend was stopped and we have to reverse it now”.

Copyright Business Recorder, 2023


Comments are closed.

Rashid Nazir Ahmed Jun 04, 2023 07:01am
A.o.A Mari zati tor pay government say request ha k business small business loan jaldi jaldi dyn k sestam chalta rahay ap log to bohat kia is say b kahi ziada Ameer hn ap Pasay say per b apki bok nai Marti UC office may ya banko say fand dyn k sestam chalta rahay or awam khus Hall ho
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Az_Iz Jun 04, 2023 07:19am
Although curtailing imports is hurting the economy, at least the country is now paying its bills on its own. Exports and remittances now are beginning to match imports. If the country can grow from here, with savings and investments, and stand on its own feet, everyone can be proud. Many countries have gone through tough situations and are on the move. Pakistan is fully capable of doing it also.
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Maqbool Jun 04, 2023 08:07am
First Uturn IK now Uturn Dar .
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Johnny Jun 04, 2023 09:48am
"Economic slide arrested, Dar tells businesses " Economic slide will be arrested when Dar gets arrested!
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KU Jun 04, 2023 11:15am
Remember the face, this is the face of an uncertain economic future and pain for the people.
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Jani Walker Jun 04, 2023 02:08pm
When will this mother of all liars stop? And when will the audience that he gathers to preach stand up and call his bluff and lying? As long as he is in charge of the government (proxy of Nawaz), the country will go deeper and deeper in the black hole that he has created.
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Shahid Khan Jun 04, 2023 05:47pm
There's no hope and only solution is to go elsewhere
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Shamsudduha Zuberi Vice President EPWA Jun 04, 2023 07:49pm
We request federal government to announce eobi pension equal to minimum wage of Rs 25000/- per month. Presently the poor pensioners are getting a megar amount of Rs 8500/- per month for the last 4 years. As the inflation is jumped to 37% and even essential items are out of reach for the poor eobi pensioners who have worked 40 years in public and private sector organizations. Eobi have the sufficient funds to raise the pension. They are getting more contribution from insured person and employers. Moreover they are getting more profit on their investment at the present rate of return @ 21%.
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Shamsudduha Zuberi Vice President EPWA Jun 04, 2023 07:51pm
We request federal government to announce immediately the enhancement of eobi pension equal to minimum wage of Rs 25000/-. Presently they are getting a megar amount of Rs 8500/- in this inflationary time for the last 4 years.
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John Jun 05, 2023 02:14pm
@Johnny, But those who can arrest...have arrested the entire country!
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John Jun 05, 2023 02:15pm
@Shamsudduha Zuberi Vice President EPWA , No point of any requests...the crooks and the corrupt are busy raking in mega money!
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