Former finance minister Miftah Ismail Sunday said that the country’s economy has suffered due to the government’s reluctance to take decisions in the last four months regarding talks with International Monetary Fund (IMF).
Responding to a reporter’s question during a joint press conference, the former finance minister said he is glad that the government has finally decided to talk with the global lender for the resumption of the loan program but added that the government wasted four months due to reluctance in taking necessary decisions which cost the country a lot of money.
He highlighted that Pakistan’s external debt repayment obligations are $21 billion for the current fiscal year. He said that the only way for Pakistan to get out of this problem is to enhance its exports.
The former minister also highlighted the failure to privatize state-owned enterprises (SOEs) and the mounting circular debt as two other major issues that need immediate solutions.
A day earlier, while speaking in a television program the former minister had questioned the performance of the ruling coalition on the economic front in the previous two to three months. He had also criticized the policy to artificially stabilize the exchange rate and said that it dented the country’s exports.
It would have been better if he’d taken actions when he was minister instead of giving the priority to appease the PM.