Finance Minister Ishaq Dar on Wednesday gave hope to investors at the Pakistan Stock Exchange (PSX) that the country will not default but did admit that the economy was in a “tight position”.
In his address, the Finance Minister said he always believed that Pakistan has a prosperous future and “resilience” in its economy. However, he lamented that it was unfortunate that the country had been brought to a point where it should not be.
“It’s been three months since I took charge and we listen every day that there will be a default. How will there be a default? There is no chance that Pakistan will default,” the finance minister assured the investors.
Ishaq Dar assured that Pakistan would survive and is managing itself but conceded that the economy was in a “tight position”.
He added that the country does not have the $24 billion reserves that the Pakistan Muslim League-Nawaz (PML-N) left in 2016 but that was not his fault.
“The fault is in the system and we must ensure Pakistan goes forward,” said the finance minister.
Finance Minister Ishaq Dar said that as soon as the country’s bond payments came close a “rhetoric” was started that Pakistan would not be able to fulfill its commitment. He added that despite the payment of the bonds the “pseudo-intellectuals” kept claiming.
The rumors were started by the same people who brought Pakistan to this point, he lamented.
“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.
Finance Minister Ishaq Dar told the investors that they have a big role to play and urged them to allocate some time to Pakistan apart from their businesses. He added that everyone needs to work together.
He added that the PTI government had not appointed three directors at the SECP and they filled the positions once they took over. He added that there was a need to focus on the corporate sector.