Says PTI\u2019s White Paper a move to \u201cdeceive\u201d nation
\n Islamabad
\nMinister for Finance and Revenue Senator Ishaq Dar said Wednesday he sees Saudi Arabia beefing up its deposits in Pakistan \u201cwithin a matter of days, not weeks\u201d, as the country grapples with an economic crisis.
\nThe statement comes as a default risk looms over Pakistan, the rupee continues to depreciate against the US dollar, and forex reserves have plunged to record lows \u2014 covering merely a month\u2019s imports.
\nFinancial pundits, voicing concerns since the ouster of the previous government, say the country\u2019s financial side will remain vulnerable until there is political stability.
\nThe incumbent government has tried to get the International Monetary Fund (IMF) programme back on track and is attempting to complete the ninth review, however, the Fund and Islamabad have not made any headway so far. In a press conference in Islamabad today alongside federal ministers, Dar said that the government was committed to completing the latest review and expressed hope of receiving the loan soon.
\nBut despite the bleak situation and Pakistan having to pay billions of dollars worth of loans in the next three months, the finance minister assured of meeting the international obligations and ruled out default.
\n\u201c[Our government] saved the country from default. And with complete conviction, I can say that Pakistan will never default,\u201d Dar, who has held the finance portfolio multiple times, said.
\nFinMin Dar said the government is taking steps for economic stability and has cleared letters of credit (LCs) worth $100,000 so far. \u201cThe government has also opened LCs for the import industries as well.\u201d
\n\u201cWe will repay all the debts and people should not worry about it. [The PDM] came into power to save the state, not for mere politics,\u201d the finance minister stressed.
\nGovt calls PTI\u2019s White Paper \u2018deceiving\u2019
\nCastigating the PTI and its chief, Imran Khan, Dar asked the PTI to stop \u201cpropagating\u201d misleading reports of Pakistan\u2019s default as he said that due to the party\u2019s governance, all international rating agencies had downgraded the country.
\nEarlier in the presser, FinMin Dar sharply criticised the PTI for \u201cdeceiving\u201d the masses through its \u201cWhite Paper\u201d on the economy.
\nThe finance minister said the economy was in a \u201cbetter condition\u201d during Pakistan Muslim League-Nawaz\u2019s government (PML-N) compared to PTI\u2019s four-year tenure.
\nIn its document, the PTI said inflation in the country has seen a sharp rise, in the past eight months, and all economic indicators \u2014 including exports, foreign direct investment, and remittances \u2014 have shown a downward trend.
\nBut responding to the PTI\u2019s claims, the finance minister said in 2018, the budget deficit was 5.8% and not 7.6%, as stated by the Imran Khan-led party\u2019s document.
\n\u201cDuring PTI\u2019s first year in government, the growth rate of the economy was 3.12%. In 2018, the inflation was at 4.7% and during PTI\u2019s first year, it reached 7.5%,\u201d the finmin said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Says PTI\u2019s White Paper a move to \u201cdeceive\u201d nation Islamabad Minister for Finance and Revenue Senator Ishaq Dar said Wednesday he sees Saudi Arabia beefing up its deposits in Pakistan \u201cwithin a matter of days, not weeks\u201d, as the country grapples with an economic crisis. The statement comes as a default risk looms over Pakistan, […]<\/p>\n","protected":false},"author":2,"featured_media":305528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-305502","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n