Home Latest News Ishaq Dar Deflects Blame for Economic Crunch on Imran Khan

Ishaq Dar Deflects Blame for Economic Crunch on Imran Khan

In televised address, finance minister fails to address impact of his flawed policies and accuses ousted prime minister of sharing ‘incorrect’ information

by Staff Report

File photo of Finance Minister Ishaq Dar, courtesy PID

In a televised address that the public hoped would address the financial impact of this week’s massive depreciation of the Pakistani rupee, Finance Minister Ishaq Dar on Friday night instead opted to lay the blame for the failure of his economic policies on Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan and his ousted government.

“We are compelled to take dictation of the International Monetary Fund (IMF) because you [Khan] have backed out of sovereign commitments made with the IMF for which the country is facing an acute financial crisis, inflation, unbridled dollar flight, ample foreign and local debts, etc.,” he said, repeatedly directing his speech to Khan instead of the public, who he was ostensibly addressing.

Referring to a speech by the PTI chief in which he had blamed the ruling coalition for the prevailing economic crunch, Dar accused the PTI chief of “misleading the nation” by stating “incorrect” information on his government’s performance. Challenging Khan to a live debate on the country’s economy, he said both could bring relevant information to the table and let the people decide who was to blame.

Holding the PTI chief “solely responsible” for the destruction of Pakistan’s economy, he claimed Khan had lied during his speech by quoting “wrong figures.” Urging his political rival to stop “misleading” the public, he said the IMF program had been inked by the PTI government and the incumbent rulers had to take it forward. “When Imran realized that he was being ousted, he disowned all the agreements and left behind landmines,” he claimed, reiterating that the only IMF program Pakistan had completed had been done so under the leadership of Nawaz Sharif while he was finance minister.

On specifics given by Khan, the finance minister said the PTI chief’s claims of generating 5.5 million new jobs were not reflected in the economic survey, which showed that only 3.3 million jobs were created. “So, Khan sahib, what have you really done? All this time, you were just busy with politics of persecution and didn’t care about the public,” he said, accusing the PTI government of bring Pakistan’s economy down to the 47th rank. “This is the reason why IMF gives us dictation today … we are fulfilling your sovereign commitments,” he said.

Dar, who replaced Miftah Ismail as the finance minister in September after claiming to improve the rupee’s value, said the Pakistan Muslim League-Nawaz government had left gross domestic product (GDP) growth at 6.1% in 2018. Similarly, he claimed the net GDP had increased by $26 billion during the PTI-led government compared to $112 billion during the PMLN’s tenure from 2013 to 2018.

He said that the inflation rate was 8.6 percent under the former PMLN government, which spiked to double digits during the PTI era. “Along with this, food inflation was 2% during the last PMLN regime, which reached 12% during PTI’s tenure,” he said, without making any mention of 32 percent inflation recorded over the past year.

Dar also claimed that foreign direct investment had been minimal during the PTI’s tenure compared to $2,000 million during the PMLN government. Accusing Khan of tarnishing “the image of the country in his speeches during foreign visits,” he questioned how anyone could think of investing in such a country.

Referring to the current account deficit, he said it had been $19.2 billion at the end of the PMLN’s previous government due to efforts to end terrorism and loadshedding. “Remember there was a time when Pakistanis were facing 18 hours of loadshedding in the country which was abolished by the PMLN government,” he said, as the country experienced a nearly 24-hour power outage at the start of this week.

Earlier, while addressing a ceremony in Islamabad, Dar claimed God would steer Pakistan out of its current economic crunch. “Allah Almighty is responsible for the prosperity and development of Pakistan,” he said, claiming if Allah could create the country, “He can also protect, develop and make it prosper.” He also lamented the problems inherited by the incumbent government from the previous PTI rule, adding that work was underway to improve the situation.

He claimed the cost of the Main Line 1 (ML1) railway project had almost doubled owing to the incompetence of the previous government. “The cost of ML1 was projected at $6 billion under the $46 billion China-Pakistan Economic Corridor project. However, due to failure by the previous regime for not executing on time, it may cost now $11-12 billion,” he said. “This is the legacy of the previous government inherited by this government,” he said.

At no point in his speech, or subsequent public address, did Dar offer any solution or plan to overcome the prevailing crisis.

Related Articles

Leave a Comment