Dar says curbing Inflation, improving reserves are utmost priority

Finance Minister Ishaq Dar has said that the federal government’s foremost priority is to curb inflation and improve the foreign reserves as they did in their previous tenure, ARY News reported. 

The dollar rate is exaggerated, and the real value is under Rs200, Dar reiterated.

Talking to the press in Islamabad, Finance Minister Ishaq Dar said that when they took charge in 2013, foreign reserves were alarmingly low and inflation was rising. They immediately went into the IMF program and in three years, controlled conflation and took the growth rate to 6%.

Global organizations were predicting that Pakistan would be among the G-20 countries by 2030. However, the last four years and the ‘Panama Drama’ in their last tenure has damaged the economy badly, he added.

He added that a lot of hard work is needed to take the country out of this crisis, as the recent floods have added to the economic hardships of the country.

Dar said that in the 1998 crisis everyone speculated that Pakistan would default but they controlled it. There is no chance of the country defaulting, he assured.

Talking about the depreciation of the local currency value in the last few days, Ishaq Dar said that the US Dollar’s real value is under Rs200 and the rise in artificial.

The damage the PTI government caused to the economy in the last four years can not be healed in six months, the finance minister said. They would increase the foreign reserves, and curb inflation, Dar added.

Ishaq recommended the PTI Chief set aside selfish politics and think about the broad interest of the nation.

Also Read: Dollar rate to return to original value soon: Ishaq Dar

Talking about Pakistan’s exit from the FATF grey list, Dar said that they are expecting good news but can not announce anything before FATF does. The official news about Pakistan’s exit from the grey list would be announced by Friday, he added.