Finance czar cites market-based exchange rate reason behind economic crisis
Finance minister says Pakistan was on verge of becoming Sri Lanka instead of Singapore
November 13, 2022
- Debt increased by Rs4 trillion due to high dollar rates, Dar says.
- Minister assures Govt will try to depreciate dollar below Rs200
- Dar informs Pakistan needs $32-$34 billion for current financial year.
DUBAI: Finance Minister Ishaq Dar Sunday slammed PTI's government for sinking Pakistan's economy in their four-year tenure.
The minister, while addressing during PML-N's event in Dubai, UAE, said that economy faced a negative impact when the dollar spiraled due to Pakistan's decision to move to a market-based exchange rate.
"The economy was destroyed in four years. Pakistan was on the verge of becoming Sri Lanka instead of turning into Singapore," he said addressing attendees of the party's event.
Dar added that the change of government was decided to save the state and the incumbent government is trying to provide relief to the people, in addition to controlling fuel prices.
Dar, while commenting on the rising dollar rates before he took over as the finance minister, said that the country's debt increased by Rs4 trillion and assured to maintain balance between the price of dollar and rupee.
"We will try to depreciate dollar below Rs200. Our government is determined to improve rupee's value against the dollar," the minister said on plans to ensure currency balance.
The finance minister said that Prime Minister Shehbaz Sharif is implementing economic reforms to bring the economy back on its feet.
"We will complete the IMF [International Monetary Fund] programme. Around $32 billion to $34 billion are required for the current financial year. We hope to collect the amount," Dar said speaking about the funds to be received from the global financial institution.
