ISLAMABAD     -    Finance Minister Ishaq Dar Saturday said that the coalition government will come up with new ideas in the weeks to come for long-term economic improvement. Ishaq Dar also said that those predicting Pakistan’s default should be ashamed of themselves. Talking to a delegation of the Karachi Chamber of Commerce and Industry, he vowed to collectively steer the country out of current economic challenges.

“We will bring agricultural revolution, establish a sovereign wealth fund and the IT sector will be focused. We will do the things which were ignored in the past,” the finance minister said. Ishaq Dar said the delay in the IMF program is unprecedented as there is no technical reason behind it.

The finance minister once again ruled out the default and regretted the statements being made by certain elements within the country in this regard. He said Pakistan is a solvent country having assets worth trillions of dollars. He said our external liabilities are around one hundred billion dollars but at the same time, our only asset of gas infrastructure is about forty to forty-five billion dollars. “Rather than giving people hope and giving them confidence, now there’s a new prediction for default in October.” He said, “We don’t need to worry. This shall too pass.” He further said that the government has taken several measures to stabilize the economy.

The finance minister asked the business community to put forward their reasonable demands about the upcoming budget, assuring the government will cooperate with them.

Meanwhile, talking to delegations of the Pakistan Business Council and Overseas Investors Chamber of Commerce and Industry, the finance minister assured that the genuine and realistic demands of the business community visa- vis the budget will be entertained according to the economic space available.

He said the budget will be presented on Friday next. He said the government has delivered on all sovereign commitments at a huge political cost. He said we are currently in the consolidation phase and expressed the resolve to sail through the difficult times with collective efforts.

Separately talking to a delegation from the Pakistan Stock Exchange, Finance Minister Ishaq Dar said the coalition government has undertaken painful reforms and difficult decisions to save the economy. He said we have saved the country from default. He expressed a commitment to strengthening the economy. He said the budget will be presented on Friday next. He said the government has delivered on all sovereign commitments at a huge political cost.

He lamented the political instability in the country and held it responsible for the economic crisis. A delegation of the Karachi Chamber of Commerce and Industry (KCCI) led by Zubair Motiwala held a meeting with Finance Minister Senator Mohammad Ishaq Dar at FBR Headquarters to discuss the budget recommendations for Fiscal Year (FY) 2023–24.

The delegation discussed the country’s present economic situation with the finance minister and informed him about the challenges; they have been facing in carrying out business and economic activities. They suggested solutions to the finance minister in the form of budgetary proposals to be taken into consideration in the forthcoming federal budget.

Meanwhile, Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of Pakistan Stock Exchange led by Farrukh Hussain Khan, MD/CEO PSX. The delegation appreciated the initiative of the finance minister for taking on board all the stakeholders while preparing the budget for the upcoming Fiscal Year 2023-24. The delegation also brought to the notice of the finance minister various challenges being faced by the capital markets and investors and presented recommendations to the finance minister to be taken into account in the upcoming Federal Budget. Finance Minister Senator Ishaq Dar acknowledged and appreciated the role of PSX in providing a reliable, orderly, liquid, and efficient digitized marketplace for investors in Pakistan. He also assured the delegation that despite economic challenges, the government is determined to provide a business and investment-friendly environment in the country through the upcoming budget of FY 2023-24.