‘False narrative’: Ishaq Dar assures Pakistan will not default

ISLAMABAD: Finance Minister Ishaq Dar has strongly criticised Pakistan Tehreek-e-Insaf (PTI) for peddling a ‘false narrative’ about the country’s economy, assuring that Pakistan would not default, ARY News reported on Monday.

Addressing a press conference alongside Prime Minister Shehbaz Sharif and other members of the federal cabinet, the finance minister said that some elements were peddling a false narrative that Pakistan was about to default or might have already reached that point.

The finance minister pointed out that the debt of 25 billion has increased to 44 billion, while the cost of medicines have increased by 300 to 400%. Lambasting the previous government, Ishaq Dar said that it was quite difficult for them to take the government.

He claimed when the PML-N handed over the government to PTI inflation was between 4.6%-4.8%, the food inflation stood at 2%, GDP growth was 6.1%, the stock market was among the best-performing markets, and the policy rate was at 6.5%.

Ishaq Dar said the PTI government would tell investors and friendly countries that it was in a “debt trap” and that the previous governments were “corrupt”.

The minister further said why international investors would invest their money in the country when PTI told the global community that Pakistan was in a “debt trap”.

Read More: Imran Khan lambasts govt over ‘looming threat of default’

He added that during the PTI-led government, inflation skyrocketed, the rupee fell massively against the dollar, increased the loans drastically to Rs44,500 billion or an increase of 75%.

“Their government was confused. They did not have a revenue plan and they also pushed the country to the brink of default,” the finance minister said, claiming that PTI preferred politics over the state.

Read More: Ishaq Dar rejects default claims, terms PTI’s tenure ‘darkest period’

Ishaq Dar said PTI installed “land mines” in terms of economy as they did not meet the commitments made with the International Monetary Fund (IMF). “But despite PTI’s bad policies, we quickly move the Fund and take unpopular decisions for the economy’s revival,” he added.

Speaking of the current challenges, Ishaq Dar said that the desire of the country’s default by the opposition will never be true and that there’s no reason for Pakistan to default.