KARACHI: Former finance minister Miftah Ismail has said Pakistan has reached to this state owing to the mistakes of last 75 years.

Addressing a gathering at a local hotel, Ismail said that the IMF extended relief during Covid pandemic, but we repeatedly committed mistakes.

He said Shaukat Tarin on the onset claimed to give a budget without the International Monetary Fund (IMF) support. After it, he went to the IMF and announced a mini-budget, Miftah said. “Imran Khan violated the agreement with the IMF by selling petrol at below par price,” he said.

“I was jailed for installation of the LNG terminal that was the cheapest in cost. I was told by the NAB to testify against Shahid Khaqan,” former finance minister said.

“The IMF offered relief during the Covid, but Hafeez Shaikh committed mistakes,” he said. “When the IMF tranche came, Shaukat Tarin held the office. He announced budget without the IMF, later he inked an agreement with the lender. Pakistan received the IMF tranche in February. The diesel’s price was Rs212 but he sold it at Rs146 thus the exchequer suffered Rs172 billion loss,” former finance minister said.

“The petroleum price was 190 but it was sold at 150 rupees,” he said. “Ishaq Dar shown attitude to the IMF but now talking for deal with it,” Ismail said. “Two mistakes were committed before me and one after me,” Miftah Ismail said.

“We have changed seven prime ministers in 11 years, and India has opened five IT institutes in 10 years. Indian exports will be valuing 150 billion dollars this year, while we have not enough grain stocks required to us,” he lamented. “What will happen to those who are living below the poverty line for last 75 years,” he questioned. “Every year 5.5 million children are born in Pakistan. Bangladesh has educated their girls and controlled population growth, while here talking on population control is a taboo,” he added.

Miftah Ismail said it was hard to revamp the country’s economy as the present economic outlook was nothing but the result of mistakes committed in the last 75 years. He said the economic recovery was a daunting and “very difficult task” and that “sacrifices” would have to be made to navigate the country out of the ongoing economic crisis. Miftah said that 87% of Pakistanis do not get as much food as they should, and in districts where water is dirty, children are physically weak. “Children living in the villages of Sindh, Khyber Pakhtunkhwa, Balochistan and Punjab have been in crisis for 70 years,” he said. He compared the country’s progress to that of its neighbour. He said that the eighteenth amendment to the Constitution helped trickle down the power but it resulted in the creation of four power circles instead of one adding that it did not eventually let the money and authority flow down.

“The federation spends up to 63pc of the money on provinces, Azad Kashmir, and anti-terrorism funds to the KP which leaves the federation no (substantial) share”, he added.