Allah chargeable for our nation’s prosperity, says Pakistan finance minister

Pakistan’s finance minister stated that Allah was chargeable for the nation’s prosperity and improvement as a result of it was created on the title of Islam.

New Delhi ,UPDATED: Jan 27, 2023 21:51 IST

Pakistan’s Finance Minister Ishaq Dar (AP/File)

By India Today Web Desk: As Pakistan grapples with an financial disaster, its finance minister Ishaq Dar has put the onus of the nation’s improvement on the almighty, saying “Allah is responsible for its development and prosperity”.

“If Allah can create Pakistan, then he can also protect, develop, and make it prosper,” information company PTI quoted Ishaq Dar as saying.

Cash-strapped Pakistan, reeling underneath the drastic aftermath of lethal floods, has a number of challenges on its agenda. Pakistan Prime Minister Shehbaz Sharif in January 2023 overtly sought the worldwide neighborhood’s monetary help and stated Pakistan required USD 30 billion to recuperate from the floods.

Dar stated Pakistan was struggling because of the misdeeds of the earlier authorities and a ‘drama’ that was began some 5 years in the past. He additionally stated that Pakistan’s financial system was robust underneath Nawaz Sharif’s management between the years 2013 and 2017. He stated that the Pakistan Stock Exchange was the perfect capital market in South Asia and ranked fifth underneath Nawaz Sharif’s tenure.

“Pakistan was on the growth track during Nawaz’s tenure, but it was derailed,” he stated.

“People can see the destruction the country has suffered in the last five years, and they know who has delivered in the past,” Dar added.

ALSO READ | Pakistan wants $30 billion to cowl wants of flood victims, says PM Shehbaz Sharif

Addressing an inaugural occasion in Islamabad, the Pakistani finance minister exuded hope that his nation would progress as a result of it was created within the title of Islam. The finance minister stated, “They are trying their best to improve Pakistan’s condition under Prime Minister Shehbaz Sharif’s leadership”.

Dar stated that the PM Sharif-led authorities had inherited points from the previous Imran Khan-led authorities. He stated that PM Sharif’s authorities was working day and evening.

“The team (PM Sharif-led government) is trying to improve the situation ahead of the elections,” Dar stated.

PAKISTAN’S ECONOMIC CRISIS

In the wake of an acute steadiness of funds disaster, Pakistan has pleaded for help from exterior financing. Pakistan’s native studies said that the United States has agreed to help Pakistan throughout its unprecedented financial disaster and the aftermath of floods final 12 months. On Thursday, a Washington-based world lender introduced {that a} employees mission would deliberate on Pakistan’s bail-out programme.

Pakistan secured a USD 6 billion IMF bailout in 2019. It was topped up with one other USD 1.1 billion in 2022 to assist the nation following the unprecedented floods. But the IMF suspended disbursements in November resulting from Pakistan’s failure to make extra progress on fiscal consolidation amid political turmoil within the nation.

Pakistan’s present overseas trade reserves are stated to be on the cusp of absolute depletion with lower than three weeks’ price of import cowl.

The Pakistani rupee prolonged its downward development on Friday with the native forex plunging over Rs 12 towards the US greenback within the interbank market. A day earlier, the rupee shed 24.11 within the interbank market, falling as little as Rs 255.43 to the greenback. The 9.6 per cent decline is the second-biggest drop in a single session.

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Jan 27, 2023