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

LAHORE: Finance Minister Ishaq Dar has categorically rejected claims about default threats to Pakistan, terming Pakistan Tehreek-e-Insaf’s (PTI) tenure as the ‘darkest period’ of the country, ARY News reported on Saturday.

Addressing a ceremony, the finance minister lambasted Pakistan Tehreek-e-Insaf (PTI) over its claims about Pakistan’s default and termed it a ‘wrong approach’.

“The opposition, who has cried hoarse about the country defaulting, has damaged Pakistan’s credibility and its ability to get out of the crisis,” he said, noting that the opposition’s claims have harmed the country.

Ishaq Dar claimed that he created fiscal discipline that led him to spend five years in exile. He said that the way the country was growing when they left, the country should be among G-20 countries today.

He noted indicators show that Pakistan should have been part of the G20 if the pace of development is not derailed. “However, our economy was currently ranked 46th in the world,” he said, terming previous government’s period as the darkest period of the country in terms of economy.

The finance minister also said that the Pakistani rupee was devalued irresponsibly, which would create problems for the economy. “In 2013, when were took over, many people said that the country was about to default, but we managed to avert that in a budget presented in just five days,” he claimed.

Ishaq Dar also claimed that they initiated a program with the International Monetary Fund (IMF) in 2013 and completed it by 2016. “The national economy was at a crucial moment where it could not afford any further shocks or experiments,” he added.

He pointed out that the country’s stakeholders would have to work hard and focus on improving Pakistan’s macroeconomic indicators. “In Pakistan, the rich get their loans written off, but if loans of a few thousands of poor widows are late, their properties are seized,” he regretted.

The federal minister added that there was an urgent need to stop the smuggling of wheat and other essentials from the country.