Tag: Ishaq Dar

  • ‘Excellent’: says PM Shehbaz after meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman

    ‘Excellent’: says PM Shehbaz after meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman

    Prime Minister (PM) Shehbaz Sharif and Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud on Tuesday held a bilateral meeting at the Royal Palace of Riyadh.

    During the meeting, the two leaders reaffirmed their commitment to further strengthen the bond between both Islamic countries, reports Radio Pakistan.

    PM Shehbaz thanked the Saudi leadership for extending assistance to Pakistan during the recent devastating floods, particularly for establishing the air bridge between Riyadh and Islamabad to provide relief goods in flood-affected areas.

    Meanwhile, crown prince Salman termed the fraternal ties between Pakistan and Saudi Arabia very important for the two countries as well as for the region and the world.

    Taking to Twitter, PM Shehbaz described the meeting as “excellent”. He said, “We agreed to upgrade and enhance bilateral ties and fraternal bonds between Pakistan and Saudi Arabia to new heights in line with the requirements of the changing world. I told the crown prince that people of Pakistan are eagerly looking forward to his visit,” he added.

    Later, the premier and his accompanying delegation performed Umrah at Makkah’s Grand Mosque, where he “prayed for the peace and prosperity of Pakistan as well as Muslim ummah.”

    PM Shehbaz addressed the Future Investment Initiative Conference in Saudia

    PM Shehbaz addressed the Future Investment Initiative Conference in Saudia and highlighted the importance his government attaches to enabling the participation of Pakistani youth to become agents of change in the technology world.

    In his address with attendees at the sixth edition of the FII summit, Sharif called the conference a “remarkable” forum launched by his Saudi “friends.”

    “For the investment in solar and wind energy projects in Pakistan, I am standing before you, inviting you to please come forward and invest in these fields”, PM said on the occasion.

    PM Shehbaz landed in Riyadh on Monday where he was received by Riyadh Governor Prince Faisal Bin Bandar Bin Abdul Aziz Al Saud at the airport. The premier is accompanied by several federal ministers. Finance Minister Ishaq Dar, Defence Minister Khawaja Asif, Information Minister Marriyum Aurangzeb and other officials are with him.

    The Saudi Crown Prince is likely to visit Pakistan on an official visit in November.

    The last time the crown prince visited Pakistan was in February 2019 when former PM Imran Khan was in power.

  • Total volume of debt on Pakistan has risen to Rs49.2 trillion

    Total volume of debt on Pakistan has risen to Rs49.2 trillion

    The National Assembly was informed on Monday that Pakistan now owes a total of Rs49,200 billion.

    According to Finance Minister Ishaq Dar, as of June 30, 2022, the country had a domestic debt of Rs31,000 billion and an external debt of Rs18,160 billion.

    Indicators for the sustainability of the nation’s external debt further declined in the previous fiscal year, according to a report from the finance ministry, as a result of the government’s increased reliance on short-term loans from abroad and the risks associated with refinancing and rupee depreciation.

    For the fiscal year 2021–2022, the public debt indicators linked to debt maturity, currency risks, refinancing risks, and interest rate risks had gotten worse, according to the Annual Debt Review and Public Debt Bulletin.

    The Public Debt Management Office and the federal government did a dismal job, within a year, the overall public debt increased by Rs9.3 trillion, from Rs39.9 trillion to Rs49.2 trillion. according to Express Tribune.

    According to the finance ministry, currency depreciation caused an increase of Rs3.8 trillion as the exchange rate dropped from Rs157.3 to a dollar in June 2021 to Rs204.4 in June 2022. Budget finance requirements were the cause of the remaining increase.

    The proportion of external debt in the total public debt climbed from 34 per cent in 2020–21 to 37 per cent in the most recent fiscal year. It was approaching the 40 per cent upper limit.

  • PKR loses for 6th straight session due to declining reserves

    PKR loses for 6th straight session due to declining reserves

    The Pakistani rupee dropped against the US dollar for the sixth straight session on Wednesday, losing 0.53 per cent in the inter-bank market.

    According to the State Bank of Pakistan (SBP), the local currency dropped by Rs1.17, or 0.53 per cent, to close at Rs220.88. In the last six trading sessions, the rupee has lost Rs3.09, or 1.4 per cent, of its value overall.

    The rupee lost value against the US dollar on Tuesday for the fifth consecutive session, closing at Rs219.71 after losing Rs0.82 (0.37 per cent).

    According to market analysts, the local currency’s weakness is caused by declining reserves and a lack of evidence of foreign capital inflows.

    In an interview with Bloomberg, Finance Minister Ishaq Dar said that the rupee has been “heavily undervalued”.

    “It is due to speculation – and some players in the market have been responsible for that,” he added.

    Globally, the greenback hung close to a 32-year peak versus the yen on Wednesday while edging up from a two-week trough against a basket of major peers as traders weighed improved risk sentiment against the prospect of aggressive Federal Reserve rate hikes.

    The dollar index – which measures the currency against six peers including the yen, sterling and euro – edged up to Rs112.01, after dropping to the lowest since October 6 at Rs111.76 overnight.

    On Wednesday, oil prices increased marginally despite bearish factors like unclear Chinese demand growth and falling gas costs, which were offset by bullish factors like declining crude stocks and a generally undersupplied market.

  • US officials take notice Ishaq Dar’s heckling incident at airport

    The Foreign Office (FO) of Pakistan said that United States (US) officials had taken notice of an incident in which Finance Minister (FM) Ishaq Dar was heckled at the Dulles International Airport in Washington DC.

    FO Spokesperson Asim Iftikhar Ahmad recalled the time when Saudi authorities raised the issue when the government delegation was targeted by certain individuals during the visit.

    On Thursday, Dar was harassed at the airport and people can be heard chanting “chor”. This was followed by an exchange of abusive words from both sides.

    Dar is currently in the US on a four-day visit to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank.

    It is pertinent to mention that this is not the first time that a Pakistan Muslim League-Nawaz (PML-N) leader has been harassed.

    Prior to this incident, Minister of Information Marriyum Aurangzeb was heckled and harassed by a group of PML-N’s political opponents in London while she was in a coffee shop.

    In July, Federal Minister for Planning and Development Ahsan Iqbal was harassed by a group of PTI supporters when he went to a restaurant in Pakistan.

  • Approaching Paris Club for funds would be my last resort: Ishaq Dar

    Approaching Paris Club for funds would be my last resort: Ishaq Dar

    The Federal Minister of Finance and Revenue, Ishaq Dar, said on Friday that approaching the bilateral Paris Club creditors for debt relief would be his final option since rating agencies lower the ratings of countries who approach the Paris Club.

    The country was not looking for or in need of any rescue from commercial banks or Eurobond creditors, according to Dar’s predecessor Miftah Ismail. “Given the climate-induced disaster in Pakistan, we are seeking debt relief from bilateral Paris Club creditors,” Miftah said.

    “We plan on doing business and investors hesitate when countries seek relief from bilateral Paris Club creditors,” Dar said during an interview.

    Dar responded to Moody’s decision to lower the Government of Pakistan’s senior unsecured debt rating from B3 to Caa1 by saying that the rating agency had taken a discriminating approach against Pakistan from a professional standpoint.

    “Our team spoke to the officials of the rating agency and even I spoke to them personally,” he continued, saying that he had advised them to stay patient for a few days.

    He bemoaned the way Moody’s had presented Pakistan as, God forbid, being in default.

    Dar stated that efforts will be made to fulfil the conditions set forth by his predecessors in reference to his meeting with IMF employees later this month.

    “I have solutions to present in front of the fund members in order to convince them of my decision regarding the petroleum prices,” he said.

    According to Geo, the government lowered the price of petrol by Rs12.63 a litre last week, which brought much-needed relief to the nation’s inflation-stricken citizens and raised concerns over the current IMF programme.

    The finance minister explained the rupee-dollar parity by expressing optimism that the value of the rupee will go below the 200-point mark against the US dollar in the upcoming days.

  • Ishaq Dar denies allegation of taking any money, says ‘Imrandos’ are spreading fake news

    Ishaq Dar denies allegation of taking any money, says ‘Imrandos’ are spreading fake news

    Finance Minister Ishaq Dar called Pakistan Tehreek-e-Insaf (PTI) a “disinformation army”.

    In a media talk on Thursday, responding to a question by a journalist about him taking Rs72 crore in back salary, the minister said, “This is the disinformation army of PTI who malign everything” and termed them as “imrandos”.

    “I didnt take a single penny and don’t have any intention to take any money,” he added.

    During the talk, when asked about decreasing petrol prices, he said, “Abhi kal toh ki hai”. (We reduced the prices just now).

    The finance minister also addressed the continuous depreciation of the US dollar against the rupee, saying that the greenback depreciated without him doing anything.

    He also announced a power subsidy package for Pakistan’s export industries with per unit electricity cost set at Rs19.99.

    Dar said the annual burden of the subsidy would amount to around Rs90-100 billion, adding that the “all-inclusive” package was announced for the five major exporting sectors, and not just the textile sector.

    Meanwhile, in response to a question on whether the International Monetary Fund (IMF) was taken into confidence on the package, the finance minister said: “I don’t need to take the IMF into confidence, when I know what I am doing then it is my responsibility to create fiscal space for it and I have done so.”

    Moreover, the minister said the market is now going in the “right direction” and correcting itself.

  • ‘Nothing to worry about’: Dar dismisses concerns raised by Moody’s downgrading Pakistan

    ‘Nothing to worry about’: Dar dismisses concerns raised by Moody’s downgrading Pakistan

    After Moody’s Investors Service downgraded Pakistan’s sovereign credit rating on Friday, Finance Minister Ishaq Dar dismissed worries, stating there is ‘nothing to worry about’.

    “There is nothing to be worried about, I spoke with Moody’s yesterday and told them that they shouldn’t have done this. They should have consulted with us,” said Dar while talking to the media.

    The announcement follows Moody’s Investors Service’s (Moody’s) Thursday night downgrading the government of Pakistan’s senior unsecured debt rating from B3 to Caa1 for both local and foreign currency issuers.

    According to Express Tribune, the senior unsecured MTN program’s rating was similarly reduced by Moody’s, moving from (P) B3 to (P) Caa1. The future remains bleak.

    In the wake of the terrible floods that have struck the nation since June 2022, the rating agency said that the decision to lower the ratings to Caa1 was motivated by greater government liquidity, external vulnerability risks, and higher debt sustainability risks.

    The floods have significantly increased the need for social spending, compounded Pakistan’s problems with liquidity and external credit, and negatively impacted government revenue.

    According to the rating agency, Pakistan’s long-standing credit weakness of extremely weak debt affordability would continue for the foreseeable future.

    However, the Ministry of Finance vehemently contested Moody’s rating decision in its reaction. “The rating action by Moody’s is strongly contested by the Ministry of Finance as the rating action by Moody’s was carried out unilaterally without prior consultations and meetings with our teams from the Ministry of Finance and State Bank of Pakistan,” a statement issued by the ministry said.

    “Following Moody’s intimation of the rating action, the ministry held two meetings with the agency’s team over the past 24 hours, sharing data and information which clearly show a picture contradicting Moody’s rating action.

    “After a regular stock take of the economic and fiscal conditions, the Ministry of Finance informed that government policies over the last few months have helped in fiscal consolidation,” the ministry added.

    “The government had adequate liquidity and financing arrangements to meet its external liabilities.”

    Dar said that Fitch Ratings recently downgraded the UK from stable to negative. “The ratings from these agencies is essential for issuing bonds and Sukuks in the international market,” he said. He claimed that he informed Moody’s that if the organisation did not change its mind, he would provide a “befitting” response at his meeting with its representatives set for next week.

    “They (Moody’s officials) have to meet me. I told them if you don’t [reverse] this, I will give you a befitting response in our meeting next week,” he said.

  • Pakistani rupee maintains winning streak against dollar for 8th consecutive session

    Pakistani rupee maintains winning streak against dollar for 8th consecutive session

    On Tuesday, the Pakistani rupee (PKR) gained against the US dollar for the eighth session in a row, finishing more than 0.7 per cent stronger.

    According to the State Bank of Pakistan (SBP), the rupee strengthened by Rs1.55, or 0.73 per cent, to close at Rs225.64. The rupee has gained a total of Rs14.06, or 6.23 per cent, over the last eight trading sessions.

    For the seventh consecutive session, the Pakistani rupee appreciated versus the US dollar on Monday, finishing at Rs227.29 after gaining Rs1.16 (or 0.51 per cent) in the inter-bank market.

    Ishaq Dar’s return, who is renowned for supporting a strong rupee, and the reduction in speculation activity, according to analysts, are to blame for the currency’s recent increase.

    On Monday, the country’s newly appointed finance minister even predicted that the rupee may increase to less than Rs200 versus the dollar.

    In an interview, he claimed that the rupee’s actual worth is less than Rs200 (against dollar), and that it will fall to Rs200 soon.

    He continued by saying that because speculation had caused the present rate to rise, the rupee would be supported by policies.

    Experts claim that the dollar’s international strength has decreased, which is reflected in the currency market. Still, it would be very difficult to drive the rupee below Rs200, even if the speculative aspect is taken out of the equation.

    Despite the UN’s $816 million request, Pakistan has only received between $100 and $150 million in flood aid.

    The dollar index, which compares the value of the dollar to six other currencies, including the pound and the euro, remained roughly unchanged at Rs111.55, not far from the low set on Monday of Rs111.46, which was last seen on September 23.

    Oil prices, a major factor in defining currency parity, increased on Tuesday as optimism over OPEC+’s potential Wednesday agreement to significantly reduce crude output outweighed worries about the state of the world economy.

  • ‘Irresponsible’: Fawad Chaudhry lashes out at govt after Miftah-Ishaq clash

    ‘Irresponsible’: Fawad Chaudhry lashes out at govt after Miftah-Ishaq clash

    Pakistan Tehreek-e-Insaf (PTI) leader Fawad Chaudhry took to Twitter to comment on the conflict between new Finance Minister Ishaq Dar and his predecessor Miftah Ismail over the recent Rs12.63 per litre petrol price cut by the government.

    Chaudhry said, “The irresponsible and contradictory statements of Dar and Ismail have complicated matters further regarding the IMF programme”, adding that the federal government comprises of the “most idiotic team” in the country’s history.

    Fawad further stated that the economic team of the country is “totally confused”.

    The PTI leader claimed that “Their [govt] politics have been buried. If [the government] is working, it is working to end their NAB cases.”

    Earlier, former finance minister Ismail said that the government’s decision to not increase the Petroleum Development Levy (PDL) this month without International Monetary Fund’s (IMF) approval is “reckless”.

    While the incumbent finance minister Dar said, “I have to handle the International Monetary Fund (IMF), so from now on, neither Miftah nor anybody else has to worry about anything.”

    On September 26, Dar landed in Pakistan after five years and took the charge of the finance ministry right after Ismail’s resignation.

  • ‘Raid Bani Gala and you will know where the cipher copy went’: Maryam Nawaz

    ‘Raid Bani Gala and you will know where the cipher copy went’: Maryam Nawaz

    Finance Minister Ishaq Dar Saturday revealed that Principal Secretary Azam Khan has admitted that he gave the diplomatic cipher to Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan — which had been “stolen” from the records of the Prime Minister’s House.

    Dar said it was now “established” through the audio leaks that the former Opposition — now the government — was not responsible for any conspiracy, but rather the PTI was. “We will be failing in national duty and oath if we don’t take appropriate action,” he added.

    The finance minister said the matter was not something that could be ignored, adding that “whoever did this is not pardonable”.

    “We will be betraying the Constitution if we don’t take it to the logical conclusion. So the decision is we will take the matter forward in light of the law and Constitution,” he stressed.

    Maintaining that Imran Khan was solely responsible for the travesty he said that if we do not take action to bring this matter to its logical conclusion, then it would be another breach of the Constitution.

    He further revealed that the cabinet has inspected all aspects in this regard in detail. “The minutes that were created regarding the diplomatic cipher are present; however, the original document is missing,” Dar added.

    “This proves that conspiracy was not hatched by the incumbent coalition government instead the PTI was behind this,” he said, adding that a meeting of the National Security Committee has also been held in this regard.

    Playing the purported audio leak of the former prime minister, Dar said: “We will betray our constitution if we do not take it to its logical end.

    “The mess created in four years could not be cleaned in four to five months; however, our efforts will be concentrated on stopping the destruction, and Prime Minister Shehbaz Sharif’s team is working to provide relief to the masses,” he concluded.

    In Lahore, Pakistan Muslim League-Nawaz (PML-N) Maryam Nawaz said: “You heard that the cipher went missing from Prime Minister House. I think there should be a raid on Bani Gala from where you will find out where the cipher copy went and what the real minutes, letter, and communique were,” she stated in a press conference.

    “Since day one I knew that he [Khan] was lying as he is the biggest liar of this century,” she claimed, adding that this wasn’t just conspiracy but this was also “tampering”.

    Accusing the former prime minister of forging sensitive official documents, she said that Khan conspired against the foreign policy of Pakistan.

    “PM Shehbaz told me that no country is ready to write a letter to Pakistan because of this fitna Khan [Imran Khan],” Maryam said, adding that other countries are now afraid of communicating with Pakistan.

    The PML-N vice president further added that the audio leaks are enough to indict Khan for his wrongdoings.

    “You can look at Supreme Court’s verdict, Khan even violated the order of the apex court while leaving his office,” she mentioned, adding that the highest court of the country has given its ruling against the former premier.

    “The nation has been held hostage by this evil mind for the last four years,” she asserted.

    Meanwhile, Interior Minister Rana Sanaullah said the issue would be raised in parliament and expressed the hope that the body would decide to file an Article 6 reference against Imran.