Ishaq Dar claimed on Thursday that Pakistan didn’t miss even a single payment. Speaking on the Senate floor, the finance minister claimed, “We didn’t defer a day in repayments.” All technical conversations are over, and an agreement with the IMF is getting close, the speaker declared.
What was pledged at the fifth and sixth reviews of the bailout is what the IMF is demanding, according to Dar. The finance minister informed the Senate that the lender requested three billion dollar guarantees from Saudi Arabia and the United Arab Emirates.
According to Ishaq Dar, the foreign exchange reserves are increasing. By June, he stated, “We are trying to get the reserves to a level of 13 billion dollars.”
He claimed that there had been no government interference in the State Bank’s monetary policy. “We changed the state bank law ourselves. I personally opposed these legal changes, he continued.
According to the finance minister, “State Bank has been declared a state within a state by altering the law.” “Most of these amendments I had opposed.” He continued, “The Ministry of Finance is now helpless.
“From 2018 to 2023, the economy got worse. All payments have been made in my five months, and my currency reserves have surpassed $10 billion,” he claimed. He claimed that “the economy was decimated during the PTI regime.”
We were slated to surpass the 24th largest economy in the world in 2018, he claimed, but instead we are currently ranked 47th. He also urged that an economic charter be concluded.