Finance Minister Ishaq Dar announced that Pakistan’s economic situation is improving, and by June, the country will have $12 to $13 billion in reserves.
Speaking at the Islamabad Industrial Association’s (IIA) oath-taking ceremony, he assured the attendees that Pakistan is not like Sri Lanka and will not default on its obligations.
In addition to the Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, the ceremony was attended by the newly elected IIA President Muhammad Ahmed, newly-elected Senior Vice President Karim Aziz Malik, outgoing IIA President Zikria Akbar Zia, ICCI President Ahsan Zafar Bakhtawari, Secretary-General of US-Pakistan International Chamber of Commerce Malik Sohail, and others.
During his speech, Ishaq Dar mentioned that when they came into power in 2013, Pakistan’s economy was on the brink of bankruptcy. However, in three and a half years, the country’s economy ranked 24th globally, with all indicators pointing in a positive direction.
He even claimed that Pakistan was close to becoming part of G20 countries. At that time, Pakistan had foreign exchange reserves worth $24 billion, interest rates were at six percent, and inflation was under control.
However, some things later pushed the country down to the 47th spot in the global ranking of economies, leading to several challenges. The Minister emphasized the need for the business community to understand the gravity of the situation and cooperate with the government to resolve issues.
Ishaq Dar expressed confidence in steering the country out of the current economic mess and putting it on the path of progress and prosperity. The Senator also assured the industrialists that their problems will be resolved on priority to enable them to play a positive role in national development.
Before the Minister’s speech, leaders of the business community highlighted their issues, demanded the resolution of LCs, and sought early resolution of the remaining problems, including the establishment of a new industrial estate in Islamabad.