Finance Minister Ishaq Dar, while presenting the National Economic Survey, has acknowledged the decline in exports, remittances, foreign direct investment, non-achievement of the growth rate target and increase in debt and inflation.
During a packed media conference in Islamabad, the finance minister presented the economic survey, accompanied by federal minister Ahsan Iqbal and other officials. He said that even after the elections of 2013, the government of Pakistan Muslim League (N) had introduced the three-ease strategy and still made a plan on the five-ease strategy.
All sectors including socio-economic development, agriculture, energy, IT, industry are involved. When the government assumed responsibility, it was a difficult situation.
He said that there were talks of bankruptcy of the country, the need for financing was increasing Allah has always kept Pakistan in His protection, the decline of the economy has stopped and now work is being done for development. \
He said that the GDP of the first year during the Pakistan Tehreek-e-Insaaf era was 1. 6 and then it became negative in the next year, the base had gone down due to being negative, due to which the GDP showed six percent. In 2013, when the government took over, there was terrorism, electricity load-shedding in the country and the situation was bad.
After Eaz, the future road map has been made on the Five Eaz policy. He said that the current financial year was a very challenging year, the indicators of restoring macroeconomic stability are included in the economic survey, restoring macroeconomic stability is the government’s goal, in 2017, Pakistan was the 20th economy in the world, which is now at the 40th place.
Yes, they want to take the country back to where it was in 2017. Ishaq Dar said that the government wants to follow the path of inclusive growth, most of the tax collections are going towards debt and interest payments, due to mismanagement and increasing policy rates, the debt has increased, which is much more damaging than the global economy.
On the surface, he broke all the promises made with the IMF Pakistan’s confidence at the global level suffered a huge blow. The finance minister said that the growth of world trade has decreased five times, due to floods there was also a lot of destruction, more than 30 billion dollars were lost due to floods, the most difficult reforms for the government coming with a mandate of five years. It is easy to do, but the current government has done the most difficult reforms in a year.
He said that the restoration of this program was necessary to restore the reputation of Pakistan. Granted, the first choice was to default and become Sri Lanka and the second choice was to bite the bullet but fulfill the global commitments.
He said that we have made all the payments on time and now the situation is improving, the problems of LCs have also been resolved, the monetary policy has been tightened to reduce inflation, where we are today. One of the main reasons for this is a lack of confidence.
The finance minister said that the real effective exchange rate (dollar rate) should be Rs 244 according to Bloomberg but the value of the dollar was artificially inflated. When I took charge, the dollar started to fall. I also said then. The dollar will come to its real value, but I went to Washington, I don’t know behind what secret hands were activated that the dollar became expensive.
He said that apart from fertilizer and wheat, foreign exchange has been smuggled in a huge amount, the regime has changed in our neighboring country and their needs are also met by this, the government’s first priority is to make timely payments, some people are sitting abroad.
Discuss why Pakistan has not defaulted? Why Pakistan did not become Sri Lanka is a matter of sitting outside and it is unfortunate, strict financial policy will continue to take the country out of crisis. Ishaq Dar said that barter trade has been decided which
