Finance Minister Ishaq Dar has said that if India can buy oil from Russia, then we also have the right to take oil from them and there is no...
Talking to the media in Islamabad, Senator Ishaq Dar said that I will sit down with all the banker friends and also request the media friends to give confidence to the people and the markets that there is nothing to worry about. There will be a problem.
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Ishaq Dar said that inflation has come not in one year but in four years which started when there was no macroeconomic management and no one cared.
We will give more relief to the people as soon as possible.
The finance minister said that the burden of inflation on people will be less in the coming weeks as there is no switch that shutdown will end inflation.
Talking about the increase in the value of the dollar, he said that I am the court and not the prosecutor to decide who was at fault, but when everyone comes together to fix it, everything is fixed and the current value of the dollar is artificial, so It will come below Rs.200.
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He said that he has given relief to the people by reducing the prices of petrol in a few days and now he will give more relief to the people as soon as possible.
Ishaq Dar said that the agreement made by Tehreek-e-Insaf or my colleagues with the International Monetary Fund (IMF), we will try to fulfill it.
'We will try to get Pakistan out of the interest system'
He further said that we have to decide whether Pakistan should run on the Islamic system or on the Islamic system. A monitoring committee was also formed.
He said that in Sudi system all assets are included including foreign embassies, ships, etc. and when we are bankrupt, all these things will go but when we are under Islamic system, we have to keep this in mind. I have to assume that every transaction will have an asset under it.
In response to a question, he said that if India can buy oil from Russia, then we also have the right to buy oil and there is no justification to stop us from doing so because it is our fundamental right. If you get oil at a relatively low price, you will definitely take it and this has been conveyed to the circles in Washington.
'I don't want to criticize anyone but I want to talk about the facts'
Earlier, Finance Minister Ishaq Dar said that four years ago this country was different, in 2013, Pakistan was a macroeconomically unstable country, and bankruptcy was predicted in 6 to 7 months.
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Addressing the ceremony at the All Pakistan Chartered Accountants Conference in Islamabad, the Finance Minister said that at that time it was not a problem which political party would win, but when the elections were held in 2013, Pakistan Muslim League (N) won. After that it was our responsibility to correct the unstable macro economy.
He said that when we came to government, the foreign exchange reserves were very low while the value of the rupee was also depreciated where the rate of economic growth in the last five years was less than 2 percent.
He said that in such a situation we took responsibility and within the first 5 days we presented the budget and after the budget was approved we entered into an agreement with the World Financial Institution on July 4, 2013 in the same month.
He said that if there is such a situation in the economy of a country and even then you think that I have to commit suicide or fix the economy or go to the IMF, then it was not right for the nation.
The finance minister said that in three years after coming to the government, the world appreciated Pakistan's economic development and in fiscal year 2016 and 2017, we had foreign exchange reserves of 24 billion dollars in the State Bank while the economic growth rate was 6%. had arrived.
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He said that we always talk about political stability in the country, but the World Organization had predicted that Pakistan would be the 20th global economy in the world by 2030, with Italians and Canadians behind us, apart from the nuclear capability. Pakistan can participate in the meeting along with other 19 members of G-20.
'Prior to presenting the budget, Masthaq kept stressing on the economy'
Ishaq Dar said that I want the political parties of the country to work together and reach a point in 2030 for which we have to work hard.
He said that when I was going to present the budget in 2013-14, I had emphasized on the 'covenant of economy' and I had also emphasized on the same in the 2015 budget, but this dream could not be fulfilled.
The finance minister added that when we were leaving power in 2018, the inflation rate was 4 percent, food inflation rate was 2 percent, our currency was stable, we had foreign exchange reserves worth 24 billion dollars, our GD P growth was 6 percent, followed by plays like Panama and Don Lakes, which pushed our economy to 43rd place.
The finance minister said that where was the position of Pakistan and where has it reached now, I do not want to criticize anyone but I want to discuss the facts which have been included in the international documents.
Fixing the economy is the responsibility of all political parties.
The finance minister said that we have always talked about a compact economy for the development and stability of the country's economy. Fixing the economy is the responsibility of all political parties.
He said that we have always talked about the contract economy for the development and stability of the country's economy. Fixing the economy is the responsibility of all political parties.
The finance minister said that the coalition government is facing economic challenges, we have saved the country from bankruptcy and we have also paid the political price because our priority is not politics but the state, chartered accountants, economists and all sectors. It is the responsibility of the experts to play their role in the country's economy and development in their respective fields.
Ishaq Dar said that the devastation caused by the recent floods has added to our problems, but the government is fulfilling its responsibilities in this regard.
"After the economy improves, you should go to the Paris Club and others."
The finance minister said that he had talked about not rescheduling the Paris Club loans, I had told the prime minister that this is not the right way, the dues and obligations that we have should be paid on time because it Our reputation will improve, when our economy improves, then we should go to the Paris Club and others.
The finance minister said that the promises made to foreign financial institutions and countries should be fulfilled, international obligations and promises do not change with the change of government, it is also a fact that only during the Muslim League (N) era, Pakistan Having completed the program with the IMF, we want the world's institutions to trust us.
'Debts are also being exaggerated'
The Federal Minister said that when the Prime Minister of the country goes out and makes a statement that Pakistan is trapped in debt trap, then who will invest in the country, the debt is also being exaggerated.
He said that the ratio of debt to GDP in Pakistan is low compared to Japan and other developed countries, it is the responsibility of professionals to tell the truth to the nation and fulfill their responsibilities in this regard. .
He said that in the next 10 months, our external liabilities are 34 billion dollars, including 22 billion dollars in debt, we can manage it through exports, remittances and other assistance, so there is no need to panic and worry. Is
He said that the problems of the economy will be solved and the country will not default. After the blasts in 1999, we faced many problems, but we worked hard and Allah gave us success, so we are confident that Pakistan will overcome this difficulty. Time will pass.
The current inflation is the result of the mismanagement and incompetence of the government of the last four years.
The finance minister said that we have accepted the government in a thoughtful way, the current inflation is the result of the mismanagement and incompetence of the government of the last four years, we have to stop the economic decline and save the country from default, by the grace of Allah, we will save the country. Having managed to avoid bankruptcy, now our goals are to reduce inflation, improve the value of the rupee and sustain economic growth.
The finance minister said that there has been a lot of destruction in Pakistan due to recent floods, we had 58 meetings during the visit to Washington.
He said that at present our minimum requirements are 16.2 billion dollars, the government is taking measures on its own to support the flood victims, 98 percent of people have been given cash assistance, we need sustainable infrastructure in the long term. Pakistan needs international support for this.
Ishaq Dar said that floods in Pakistan are caused by climate and environmental changes, Pakistan's share in the emissions of gases that harm the environment is less than one percent, but Pakistan is one of the top countries among the countries affected by the disaster caused by it. I am included.
The finance minister said that the government is playing its role to help the flood victims and stabilize the economy. There has been an offer from France for a donor conference which will be led by the prime minister.
The Finance Minister said that everyone should play their role in achieving the 2030 Sustainable Development Goals, our goals are still lagging behind the agenda that was created in February 2016.
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