Ishaq Dar, Pakistan’s finance minister, promised investors at the Pakistan Stock Exchange (PSX) on Wednesday that the nation would not go into default, but he did acknowledge that the economy is in a “tight position.”
The finance minister stated in his speech that he has always thought Pakistan has a bright future and an economy that is “resilient.” But he regretted that the nation had come to a place where it shouldn’t be and said that it was regrettable.
“I’ve been in charge for three months, and every day we hear that there will be a default. How is a default going to happen? The finance minister promised the investors that there is no danger Pakistan would default.
Dar reaffirmed Pakistan’s ability to manage its own survival while acknowledging that the economy was in a “difficult position.” In addition, he claimed that certain people harm the country for the purpose of cheap politics.
The Pakistan Muslim League-Nawaz (PML-N) left the nation with $24 billion in reserves in 2016, he said, but that was not his responsibility. The finance minister declared, “The system is at fault, and we must make sure Pakistan moves forward.
Dar claimed that a “rhetoric” that Pakistan would not be able to meet its pledge began as soon as the country’s bond payments were approaching. He continued by saying that even after the bonds were paid, “pseudo-intellectuals” continued to make claims.
He bemoaned that the same individuals who had taken Pakistan to this point were also responsible for the rumors.
“Be alert; don’t pay attention to them. Educate people about Pakistan’s ability to pay. I can demonstrate Pakistan’s insolvency to everyone, the finance minister avowed.