KARACHI: Former Finance Minister Miftah Ismail has said that the only way to save the country from default is to approach the IMF.
According to the details, Miftah Ismail said during a conversation on a private TV program that the government can drag the economy for two to four months, but there is no other option but to go to the IMF.
During the conversation, Ismail said that Pakistan’s bond can be seen trading at a discount in the international market. “Pakistan cannot go any other way than the agreement with the IMF,” he said.
The former finance minister said that our agreement with the IMF will expire in June, which will increase fears of default. “The government’s economic strategy has failed,” he added.
Miftah Ismail further added that the government could not revise a running program in 8 months. “For 6 months, only words are being heard from the Ministry of Finance. An agreement could not be reached with the IMF,” he said.
He said that the government did not sign the agreement despite the implementation of IMF conditions. The default cannot be avoided without IMF. If no deal is reached in June, the Asian Development Bank’s loan will also be limited, he asserted.