Ishaq Dar, Pakistan’s finance minister, claimed that Allah was the reason for the country’s development and prosperity and that Pakistan was the only country in the world to have been formed in the name of Islam when he unveiled the Green Line Train Service. Currently, Pakistan is going through a serious balance of payments crisis.
Pakistan Finance Minister : Allah responsible for country’s development and prosperity
Dar stated,
“If Allah can create Pakistan then He can also protect, develop, and make it prosper,”
Further Finance Minister said,
“they are trying their best to improve Pakistan’s condition under Prime Minister Shehbaz Sharif’s leadership”.
Dar emphasised that the current administration was working day and night to address the issues that Imran Khan’s former administration left behind.
He stated,
” He said the country is still suffering due to the “drama” that started five years ago and insisted that the economy was strong during former prime minister Nawaz Sharif’s tenure from 2013-2017.
According to the finance minister, the Pakistan Stock Exchange was the best-performing capital market in South Asia and rated fifth globally during the rule of Nawaz Sharif, and international institutions had their eyes on it.
Dar claimed that Pakistan was now having to pay for the “Panama crisis,” the overthrow of the PML-N administration, and other problems it had had in the previous five years.
“Pakistan was on the growth track during Nawaz’s tenure, but it was derailed,” he said.
“People can see the destruction the country suffered in the last five years, and they know who has delivered in the past,” Dar added.
Pakistan Foreign Currency reserve fell from USD 9.23 Bn to 3.68 Bn
Pakistan is in dire need of external financing due to its severe balance of payments crisis, as its foreign exchange reserves, which dropped from USD 923 million to USD 3.68 billion, only cover less than three weeks’ worth of imports.
In 2019, Pakistan received a USD 6 billion bailout from the IMF. In 2022, it was increased by additional USD 1.1 billion to aid the nation in the wake of devastating floods.
However, the IMF halted payments in November as a result of Pakistan’s failure to advance fiscal consolidation efforts amid political unrest in the nation.
The international lender with headquarters in Washington revealed on Thursday that it would send a staff delegation to Islamabad this month to talk about restarting the rescue programme.
Pakistan currency reaches a low of Rs 255.43 to the dollar
The dollar climbed to a record high of Rs 268.30 in the interbank market despite repeated promises by the finance minister, who took over for Miftah Ismail, to lower the exchange rate below Rs 200.
As the government relaxed its control over the currency in an effort to persuade the International Monetary Fund (IMF) to release a pending loan tranche, the Pakistani rupee continued its downward trend on Friday, falling almost Rs 12 versus the US dollar in the interbank market.
The local currency was trading at Rs 268.30 as opposed to Thursday’s interbank market close of Rs 255.43.
The rupee lost 24.11 in the interbank market the day before, reaching a low of Rs 255.43 to the dollar.
The 9.6% decline represents the second-largest session-level decline.
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