ISLAMABAD: Former finance minister Miftah Ismail predicts that Pakistan’s economic situation will continue to be difficult due to a severe lack of funds, and experts are concerned about the possibility of default.
Pakistan’s $350 billion economy requires a crucial $1.1 billion payment from the International Monetary Fund (IMF) in order to avoid default.
In response to a question on Sunday during a Twitter Q&A, the former finance minister Miftah stated, “Things will be tight for a while but we can get enough loans for now that we will get some room.”
The PML-N supporter emphasized that, for the foreseeable future, “we have to figure out a way to export more.” Pakistan’s reserves have fallen to their lowest level in nine years as a result of a lack of dollars and rising inflation.
Ishaq Dar, the country’s finance minister, must convince the IMF that the country is willing to take additional difficult measures, such as raising gas prices and taxes.
While addressing the Azad Jammu and Kashmir Legislative Assembly in Muzaffarabad earlier today, Prime Minister Shehbaz Sharif stated that the country is facing significant financial difficulties and that the IMF is closely examining all aspects of the ongoing negotiations for the ninth review of the $6.5 billion loan program.
Miftah stated that Pakistan lost credibility in the eyes of international players, which has been extremely costly, in response to a question regarding the economic harm caused by the delay in the restart of the bailout program.
