Former Finance Minister Miftah Ismail has said that Ishaq Dar has been making programs against me and has been making them through anchors as well. It cannot be said that Pakistan will not default. Distance from the IMF increased the risk of default.
Addressing the discussion at IBA, Miftah Ismail said that after the IMF agreement, borrowing from other international institutions becomes easier. We brought back the IMF with great effort. They had to increase the price of electricity, petrol, tax on property, withdrew from the IMF when I was removed.
Talking about the increasing value of the dollar, he said that it is madness to stop the value of the dollar. Mandatory or administrative measures may not make a difference. Imports of 80 billion dollars and exports of 30 billion dollars took place. 22 crore people are doing value addition even less than overseas. Instead of depreciating the dollar, there is a need to increase exports.
Miftah Ismail said that even the IMF does not prohibit the help of the poor, the entire country cannot be subsidized. Reforms are needed to reduce power losses. Talking to the IMF as a short-term solution. The rationalization of the dollar is the first step. The dollars that went out will come back, remittances will also increase. By stopping the value of the dollar, the dollar was being hoarded. Now the black marketing and hoarding of dollars will decrease.
The former finance minister said that we kept borrowing from one institution and paying another because we don’t have foreign exchange. This year’s debt will have to be paid off in subsequent years. Current account has to be in surplus. Electricity is 30% more expensive due to administrative problems and transmission defects. Privatization of utilities like PIA and gas will bring efficiency to the economy.
He said that inflation concerns have increased. Monetary policy is a way to control inflation and raising interest rates is a difficult decision, but it helps. With the State Bank’s free market initiative, it is hoped that the interest rate will be increased in the next review. In order to increase exports, it is important not to depreciate the dollar.
Miftah Ismail said that India created IT educational institutions in the 50s, we created 7 prime ministers in this decade. India’s IT export today is 150 billion dollars and ours is 2.5 billion dollars. In the agricultural sector, more subsidies are going to fertilizer factories than to farmers. 5.5 million babies are born in Pakistan every year. It is important to pay attention to agriculture to meet the nutritional needs of the growing population. 2 thousand billion rupees are being spent annually on education. Bangladesh controlled population and focused on education.
In response to a question, Miftah Ismail said that he is not forming a new party, but has started a series of seminars. People from different parties are together. Seminars will also be held in Karachi, Islamabad, Lahore and Peshawar. They are planning to get Pakistan out of economic and social problems. A pressure group will be formed so that the incoming governments and the opposition can decide in the interest of the country.
He said that the IMF was angry with the free float of the dollar. 10 percent remittances exports decreased. Banks in Arab countries have not rerolled since the IMF program stopped. Imported goods already imported at 230 are selling at the rate of 260 in the market. Prices would be affected but the government had no choice.
He explained that I am a part of the party. Ishaq Dar has been doing TV programs against me for a long time and has also been doing it with anchors, if my ability is questioned, I have the right to answer. The party did not forbid me to answer.
