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 was in a “tight position.”
The finance czar stated in his speech that he has always thought Pakistan has a bright future and an economy with “resilience.” But he regretted that the nation had come to a place where it shouldn’t be and said that it was unfortunate.
“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 was no danger Pakistan would default.
Dar assured that Pakistan would survive and is managing itself but conceded that the economy was in a “tight position”.
The Pakistan Muslim League-Nawaz (PML-N) left the nation with $24 billion in reserves in 2016, he said, but that was not his fault.
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 fulfill its commitment 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 regretted that the same individuals who had taken Pakistan to this point were also responsible for the rumors.
“Be conscious, do not listen to them. Disseminate information that Pakistan will not default. I can prove to anyone that Pakistan will not default,” the finance minister maintained.
