In a meeting with the Karachi Chamber of Commerce and Industry in Islamabad, Finance Minister Ishaq Dar reiterated Pakistan’s resilience and dismissed any possibility of default. Assuring the delegation, he pledged to implement comprehensive reforms aimed at long-term economic improvement.
Minister Dar announced the Ministry of Finance’s commitment to spearhead an agricultural revolution and establish a sovereign wealth fund. Recognizing the potential of the IT sector, he expressed determination to rectify past neglect and prioritize its growth.
Addressing concerns over the delayed International Monetary Fund (IMF) program, Dar labeled the situation unprecedented and emphasized that there were no technical barriers. He asserted that Pakistan, as a sovereign country, possesses valuable assets worth trillions of dollars.
Highlighting the country’s external liabilities of approximately $100 billion, the finance minister pointed out that the gas infrastructure asset alone holds a value of around $40 to $45 billion. Dar urged the business community to present reasonable demands for the upcoming budget, assuring them of the government’s cooperation.
These remarks follow a recent revelation by a cabinet member that the IMF has rejected Pakistan’s request to lower the requirement of securing $6 billion in new loans. As a result, the government is now determined to revive negotiations to reach a deal.
During the National Assembly Standing Committee on Finance, Minister of State for Finance Dr. Aisha Pasha emphasized that returning to the IMF remained Pakistan’s only viable option. Despite a call from Prime Minister Shehbaz Sharif to IMF Managing Director Kristalina Georgieva, the global lender has maintained its stance, as confirmed by the finance minister’s statement.
Out of the total $6.5 billion bailout package, the IMF has disbursed $3.9 billion over the past four years, with the remaining amount contingent upon the completion of three pending reviews.
As Pakistan strives to navigate economic challenges, Finance Minister Ishaq Dar’s reassurances and proposed reforms aim to restore stability and pave the way for sustained growth in the long run.