Pakistan Suffered Huge Losses Due to Ishaq Dar: Former Finance Minister

Former finance minister and Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail Thursday said that Pakistan has suffered a huge financial loss due to Ishaq Dar’s anti-International Monetary Fund (IMF) approach.

Speaking in a television program, the former finance minister said that when Dar took charge as the Finance Minister he thought he could run the economy without the IMF or amend the terms of the agreement with the global lender.

He said that all experts knew that this approach of Dar was bound to fail and we have seen its result now.

The former finance minister has highlighted multiple times in recent weeks that delaying talks with IMF over the ninth review of the $7 billion Extended Fund Facility (EFF) has severely dented Pakistan’s struggling economy.

A few days earlier, the former finance minister had said that 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.

Ismail had also questioned the performance of the ruling coalition on the economic front in the previous two to three months and criticized the policy to artificially stabilize the exchange rate and said that it dented the country’s exports.

The Pakistani Rupee plunged to a record low of Rs. 255.43 against the US Dollar in the interbank market on Thursday, sliding by almost Rs. 25.