Finance czar blames market-based exchange rate for economic turmoil

Dubai: Finance Minister Ishaq Dar criticized the PTI government’s four-year tenure for sinking Pakistan’s economy.

While speaking at a PML-N event in Dubai, UAE, the minister stated that the economy suffered a severe impact as the dollar spiraled due to Pakistan’s choice to switch to a market-based currency rate.

“In four years, the economy was completely decimated. Instead of evolving into Singapore, Pakistan was on the verge of becoming Sri Lanka “He said this while speaking to attendees at the party’s event.

Dar went on to say that the change of government was made to rescue the state and that the current administration is working to bring assistance to the people while also reducing fuel prices.

Dar stated that the country’s debt climbed by Rs4 trillion before taking over as finance minister and vowed to keep the price of the dollar and rupee in balance.

“We intend to devalue the rupee below Rs200. Our government is resolved to raise the value of the rupee in relation to the dollar “On plans to maintain currency balance, the minister stated.

Prime Minister Shehbaz Sharif, according to the finance minister, is implementing economic reforms to get the economy back on track.

“We will complete the IMF program. For the current fiscal year, from $32 billion to $34 billion are required. We are hoping to collect the money “Dar stated this about the funds that will be received from the global financial institution.