Islamabad: Finance Minister Ishaq Dar assures that Pakistan will not default under any circumstances. Speaking at a ceremony held at the Federal Bureau of Revenue in Islamabad, Finance Minister Ishaq Dar stated that revitalizing the economy is a major challenge for us. He further added that we welcome all the proposals related to the budget. We are facing numerous challenges. In 2017, Pakistan had become the 24th economy in the world. We all have to take Pakistan forward together.
Our team has made immense efforts, and our technical team has completed the work for the IMF agreement. There is no threat of Pakistan’s default. The Finance Minister mentioned that similar difficult situations were faced in 2013, with predictions of Pakistan defaulting. No institution was willing to lend to Pakistan, but eventually, Pakistan emerged swiftly from that situation, and we will overcome the current challenging period as well.
He stated that our team has also completed the technical work for the IMF review. Unfortunately, this review started three months late. It was initially anticipated to commence before November, but it began from January 31. There was a three-month delay, but we have completed all the previous steps.
He emphasized that all these previous steps are taken before the board meeting and not at the staff level agreement. He mentioned that for the first time in Pakistan’s history, in the closing month of December, our external account faced a reduction of $4 million. There was some delay in the agreement. The IMF’s estimation was based on specific current account losses, but there is no danger of default for us. Pakistan will not default at all.