Minister for Finance and Revenue Ishaq Dar said on Wednesday that his team has successfully concluded the tasks pertaining to the IMF programme and is currently focused on finalising the remaining aspects.
Addressing an event in Islamabad, he confidently stated that Pakistan is not at risk of default. He highlighted the remarkable achievement of transforming the current account deficit into a surplus in the past two months, impressing renowned economists.
While acknowledging the potential ease an IMF tranche could provide, he explained that the delay in the process is due to certain structural reasons. He said that the government’s aim is to complete the IMF programme by June 30, and expressed optimism about effectively addressing the prevailing circumstances.
The Minister highlighted the prevailing challenges faced by Pakistan. He underscored the country’s economic position, noting that in 2017, Pakistan stood as the 24th largest economy globally. However, he revealed that recent developments have resulted in a downward shift, as Pakistan now ranks 47th in the global economy.
Dar also urged collective efforts to restore Pakistan’s position as the 24th largest economy, emphasising the importance of working together towards this shared goal.
The financial czar further announced that Chinese banks have returned $2 billion to Pakistan, while Pakistan has repaid $5.5 billion to commercial banks. He expressed the view that the IMF review should have been conducted earlier but assured that the government’s team has already completed the necessary work for the programme.
Dar underlined the ongoing efforts to finalise the IMF programme, which is expected to conclude by June 30 and expressed hope that these measures will effectively address the current economic situation.
The finance minister went on to say that Pakistan faced a declaration of default in 2013. However, he expressed optimism that the current situation would be effectively managed, assuring that Pakistan would not default.