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Ex-Pak FM Ishaq Dar advises govt to renegotiate IMF bailout package

"We have to run the country and not ruin it by taking dictations," said the former Finance Minister, reported Geo News

Pakistan  | International Monetary Fund | IMF


(Photo: Bloomberg)

Former Finance Minister and senior Muslim League (PML-N) leader Ishaq Dar on Saturday advised the new government of to renegotiate Monetary Fund (IMF) bailout package.

"We have to run the country and not ruin it by taking dictations," said the former Finance Minister, reported Geo News.

Dar, while speaking on Geo News programme "Naya Pakistan", said that the global lender was asking to increase the price of petroleum products, adding that the "complete burden" of the price hike should not fall on the people.

He said that the Pakistan Tehreek-e-Insaf (PTI) government headed by had agreed to the IMF's package on "very strict conditions", reported Geo News.

"The country's situation is like this because due to the last government's incompetence," said Dar.

He added that the PTI government did not work on increasing the revenue of the country, reported Geo News.

"PTI government knew it was going that's why they decreased the price of petroleum," said Dar. He also slammed the last government for the free-floating of the dollar, which he believed had ruined the country.

"Reducing by 1 per cent would have saved billions of rupees for Pakistan," said the former Finance Minister leader. He added that the PML-N government from 2013-18 had managed the cash flow.

The PML-N leader claimed that Pakistan had lost Rs 4 trillion by free-floating of the by the PTI government.

The agreed to revive a USD 6 billion bailout package for Pakistan after cumbersome discussions, providing a major relief to its struggling however, Pakistan will need to push through with key reforms.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sun, May 08 2022. 06:56 IST