While assuring investors that there was no chance Pakistan would default any time soon, Finance Minister Ishaq Dar played it smooth by blaming the system for all the mess, including the country’s dwindling forex reserves.
While addressing a ceremony at the Pakistan Stock Exchange (PSX) on Wednesday, Dar said Pakistan has a bright future and a strong economy, but recent problems have put it in a position it does not deserve to be in.
The finance czar expressed his displeasure with the current state of the economy, noting that it has been three months since he took over and that every day since then has been filled with default predictions.
“How will there be a default? There is no chance that Pakistan will default,” Dar reiterated. He acknowledged that the country is in a difficult situation, but he believes it will “survive” as long as things are managed properly.
Finance Minister Ishaq Dar said that he is not to blame for the country’s reserves not being $24 billion as they were in 2016. “It’s not my fault. The flaw is in the system, and we must ensure Pakistan’s progress, “Dar stated.
Dar noted that earlier there were rumors that Pakistan would not be able to make its $1 billion bond payments. Even after the payments were made, “these pseudo-intellectuals keep coming”.
He warned investors not to listen to such people because they were the ones who had brought Pakistan to this point, and he urged them to spread the word that Pakistan would not default. “I can go against anybody in any conversation and I can prove Pakistan will not default. But we are destroying the country for petty political and ideological reasons,” he lamented.
The finance minister argued that fear-mongering through media needs to be countered as it was creating panic and forcing investors to buy gold and US dollars. We have serious problems, but that doesn’t mean we can’t get out of this storm, he added.
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