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Miftah Ismail, a former finance minister and current leader of the Pakistan Muslim League-Nawaz (PML-N), claimed on Thursday that Pakistan has incurred a significant financial loss as a result of Ishaq Dar’s strategy of not adhering to the International Monetary Fund (IMF) standards.
On Thursday, Miftah claimed that “when Dar was chosen, he assumed that he could run the economy without the IMF or alter the terms of the agreement” on a programme that aired on Geo TV.
He was determined to ignore the IMF, but it is now obvious that Pakistan will work with the Fund.
Dar appeared to have engaged in the currency market to support the rupee, much to the chagrin of the lender who urged Pakistan follow a free-floating exchange rate, according to reports. The ninth assessment of the IMF’s bailout programme was delayed due to other conditions that Pakistan failed to address at the same time.
“Rupee’s drop as Pakistan progresses towards IMF requirements”
On Thursday, however, the rupee underwent a significant drop versus the US dollar in the interbank market as the nation made progress toward meeting some of the IMF’s requirements.
Miftah further emphasised that the former prime minister Imran Khan’s announcement of a subsidy on fuel and energy prices violated IMF terms and increased Pakistan’s risk of default.
The former finance minister accused Dar of “lobbying against” him in PML-N circles and the media. He stated that he was unsure if this lobbying was connected to Dar’s reappointment as finance minister.
Dar had been making appearances in TV shows and had been picking on me in internal party groups, so I had known for a while that he intended to come back, Miftah Ismail continued.
He said that the prime minister had selected Dar, and he didn’t see anything strange in it.
Additionally, the former finance minister declared that he will not run for office, stating that “Pakistan is more important to me.”