Pakistan’s default risk has reached alarming levels, Miftah Ismail – Hum News


ISLAMABAD: Former Finance Minister Miftah Ismail has claimed that Pakistan’s default risk has reached dangerous levels.

Pakistan Muslim League-N leader and former finance minister Miftah Ismail shared his article on social media. He wrote that even after the payment of the December bonds, the risk of default would not end and the Pakistan Tehreek-e-Insaf (PTI)’s non-compliance with the International Monetary Fund (IMF) agreement increased the risk of default.

“We have no margin for error while there is an urgent need for concrete steps to reassure markets and creditors,” he said. National interest should take precedence over political interest.

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Miftah Ismail said that he has no right to criticize PTI if the government does not take proper steps. Exports fell by 38 percent between 2013 and 2018, and the 38 percent decline in exports led to the second largest current account deficit.

He said that due to PTI’s non-implementation of the IMF agreement, the economy faced difficulties, but we re-signed the agreement with the IMF due to which difficult decisions had to be taken. Today there is a large gap between the dollar rate in the open market and interbank and the State Bank is informally guiding the banks on the exchange rate.

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