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KARACHI: Finance Minister Ishaq Dar has ruled out the possibility of Pakistan facing economic default. He however admitted that country’s economy was in shambles . ” We are stuck in to a quagmire, it will take time to come out,” he said.
Addressing a ceremony at Pakistan Stock Exchange on Wednesday, he said for last three months, “we have been listening to warnings of Pakistan facing default, why would it default?” He said this wasn’t Pakistan of the past, and some elements were harming the country for the sake of their own political interests.
Ishaq Dar said he could prove with substance that Pakistan couldn’t face economic default, adding that negative propaganda against the country would have to be stopped.
He said the term ‘economic default’ repeated at various forums generated hopelessness due to which some elements resorted buying gold and dollars, thus creating a panic.
He claimed that his government was delivering to the masses, and Pakistan’s position would be much better in the days to come.
Speaking earlier, Ishaq Dar said that there was an urgent need to focus on the country’s corporate sector. He said the stock market has a key role in the improvement of the country’s economy, and emphasized that he has been associated with PSX for over 40 years and during that period, the stock exchange was the largest stock market in South Asia.
He said Stock Exchange and Securities and Exchange Commission of Pakistan are of great significance in improving country’s economy; therefore, we are focused to improve their functioning.
Dar said the inputs of business community will be acknowledged for this purpose. He said the restraints on imports are aimed at saving economy. He said we have not banned imports but prioritized import items under different categories so the essential items can be imported on priority basis. He said essential items including medicine and edible oil have been put in category one, energy imports in category two, imports for export oriented industry in category three while imports for agricultural industry in category four.
The Minister further said, we should learn from the mistakes of past and work together for the development of the country.