ISLAMABAD: PML-N leader Ishaq Dar, who is being appointed as Finance Minister this week, said his eyes set on putting Pakistan’s weakening economy back on track.
Dar will take oath as a senator before becoming Finance Minister. He has been in self-exile in London for the last five years. His appointment is being made after Nawaz Sharif expressed no-confidence with the economic policies of FM Miftah Ismail.
On Monday, the first working day of the week, the value of rupee improved significantly while KSE-100 benchmark index gained 490 points amid reports that Ishaq Dar is becoming Finance Minister.
Dollar-rupee exchange rate fell to 236.60 in the inter-bank on Monday, from 239.50 on Friday while in the open market, this exchange rate dropped to 238, from 245 on Friday. If dollar loses more value in the days ahead, credit will go to Ishaq Dar, which might be appreciated by the people, who are waiting for a relief in inflation and unbearable energy prices.
Accepting that he faces a difficult task in Pakistan, Dar hoped to bring the economy back to the stage it was at when the PML-N was in power the last time.
“The whirlpool Pakistan went through in the last four years is hidden from no one. Fortunately, I am returning to the same office that I left five years back,” Dar told in London before leaving for Islamabad.
Dar also stated that Pakistan’s economy, under Nawaz Sharif’s leadership, was becoming one of the strongest global economies, with low-interest rates, decade-high growth, a stable rupee, and a huge forex reserve.
“This will be my aim. To bring Pakistan’s [economy] back on track. The economy is constantly faltering,” the PML-N leader added.
The senator-elect added that a “fake” case was concocted against him regarding the filing of taxes. “I have never failed to file taxes in my life,” the PML-N leader said.
Dar will face challenging times upon his arrival as the Pakistani rupee has recently escaped an all-time low against the dollar, the stock market has been lacklustre, and forex reserves are continuously depleting — standing at $8,346 million as of September 16.
His return comes after an accountability court last week suspended his outstanding arrest warrant and gave Dar a fortnight to appear before the court.
Accountability Court Judge Mohammad Bashir suspended the arrest warrant — issued on December 11, 2017 — in the assets beyond means case.
