Finance minister says govt delivered on all sovereign commitments at a huge political cost n Pakistan having assets worth trillions of dollars will not default n Our external liabilities are around one hundred billion dollars n Those predicted Pakistan’s default should be ashamed.

ISLAMABAD     -    Finance Minister Ishaq Dar Saturday said that the coalition government will come up with new ideas in the weeks to come for the long term economic improvement. Ishaq Dar also said that those predicting Pakistan’s default should be ashamed of themselves. Talking to a delegation of Karachi Chamber of Commerce and Industry, he vowed to collectively steer the country out of current economic challenges.

“We will bring agriculture revolution, establish a sovereign wealth fund and the IT sector will be focused. We will do the things which were ignored in the past,” the finance minister said. Ishaq Dar said the delay in the IMF programme is unprecedented as there is no technical reason behind it.

The finance minister once again ruled out the default and regretted the statements being made by certain elements within the country in this regard. He said Pakistan is a solvent country having assets worth trillions of dollars. He said our external liabilities are around one hundred billion dollars but at the same time our only one asset of gas infrastructure is about forty to forty five billion dollars. “Rather than giving people hope and giving them confidence, now there’s a new prediction for default in October.” He said, “We don’t need to worry. This shall too pass.” He further said that the government has taken several measures to stabilise the economy.

The finance minister asked the business community to put forward their reasonable demands with regards to the upcoming budget, assuring the government will cooperate with them.

Meanwhile, talking to delegations of Pakistan Business Council and Overseas Investors Chamber of Commerce and Industry, the Finance Minister assured that the genuine and realistic demands of the business community visa- vis the budget will be entertained according to the economic space available.

He said the budget will be presented on Friday next. He said government has delivered on all sovereign commitments at a huge political cost. He said we are currently in consolidation phase and expressed the resolve to sail through the difficult times with collective efforts.

Separately talking to a delegation of Pakistan Stock Exchange, Finance Minister Ishaq Dar said the coalition government has undertaken painful reforms and difficult decisions to save the economy. He said we have saved the country from default. He expressed the commitment to strengthen the economy. He said the budget will be presented on Friday next. He said government has delivered on all sovereign commitments at a huge political cost.

He lamented the political instability in the country and held it responsible for the economic crisis. A delegation of Karachi Chamber of Commerce and Industry (KCCI) led by Zubair Motiwala held a meeting with Finance Minister Senator Mohammad Ishaq Dar at FBR Headquarters to discuss the budget recommendations for Fiscal Year (FY) 2023–24.

The delegation discussed the country’s present economic situation with the finance minister and informed him about the challenges; they have been facing with in carrying out business and economic activities. They suggested solutions to the finance minister in the form of budgetary proposals to be taken into consideration in the forthcoming federal budget.

Meanwhile, Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of Pakistan Stock Exchange led by Farrukh Hussain Khan, MD/CEO PSX. The delegation appreciated the initiative of the finance minister for taking on board all the stakeholders while preparing the budget for upcoming Fiscal Year 2023-24. The delegation also brought to the notice of finance minister various challenges being faced by the capital markets and investors and presented recommendations to the finance minister to be taken into account in the upcoming Federal Budget. Finance Minister Senator Ishaq Dar acknowledged and appreciated the role of PSX in providing a reliable, orderly, liquid and efficient digitized market place for investors in Pakistan. He also assured the delegation that despite economic challenges, the government is determined to provide a business and investment friendly environment in the country through the upcoming budget of FY 2023-24.