Pakistan being pushed towards default, says Dar
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Pakistan's foreign debt increased from $70b to $100b: Ishaq Dar
ISLAMABAD (Web Desk) – During his participation in the Senate Standing Committee on Finance, Finance Minister Senator Ishaq Dar expressed concern over external forces attempting to undermine Pakistan's economic stability by forcing it into a situation similar to that of Sri Lanka and subsequently negotiating with the International Monetary Fund (IMF).
FinMin disclosed that Paris Club would not be approached to reschedule loans adding during four years Pakistan's foreign debt increased from $70b to $100b.
He opined that there were amendments made in the State Bank Act that were unacceptable as they created a state within a state, jeopardising the stability of financial institutions in Pakistan.
Senator Dar made it clear that Pakistan would not bow down to the demands of the IMF, which has raised objections to the country's budget proposals for the next financial year. He said that Pakistan was a sovereign country and would not accept everything the IMF demanded, but rather aim to achieve its economic targets and priorities. These include making timely payments, developing the IT sector, and increasing IT exports to $4.5 billion next year, and $15 billion in 5 years.
Senator Dar emphasised that Pakistan must have the right to provide tax exemptions in certain sectors, as Pakistan can determine how much tax to collect from various sources and had increased its taxation target from Rs7200 billion to Rs9200 billion.
