ISLAMABAD: Pakistan's Finance Minister Ishaq Dar on Friday blamed ousted prime minister Imran Khan for the present economic turmoil in the South Asian country, saying Khan ignored public problems and remain busy in “political persecution” in his tenure.
Khan, who was ousted in a no-trust vote in April, said he was concerned the country’s deteriorating economic situation was likely to threaten its national security as anyone coming to Pakistan’s financial rescue was likely to “ask for something in return.”
Khan’s statement followed PM Shehbaz Sharif’s announcement on Friday that he was hopeful about a deal with the International Monetary Fund (IMF) in January which would ensure the resumption of Pakistan’s $7 billion loan program pending since September.
In a video statement, Dar slammed Khan for present economic woes of the country, stating inflation numbers and urging the former premier not to “lie” to the masses.
“The country witnessed a storm of inflation because of you... you allowed the rupee to float freely, you didn’t care about Pakistan’s economy, you were busy in political persecution and you didn’t care about public problems,” the finance minister said.
“We formed the government under Mian Nawaz Sharif’s leadership at 8.6 percent [consumer price index] in 2013 and you were handed over the government at 4.68 percent CPI in five years, and food inflation was at 2 percent.”
Dar noted that when Khan was ousted from power in April last year, inflation had reached 12.2 percent in the South Asian country.
Pakistan is currently grappling with a host of economic issues, including decades-high inflation, depleting forex reserves and its currency losing more than 12 percent value over the last two days.
The IMF announced on Thursday it was sending its mission to Pakistan on January 31 to discuss a $6 billion loan program, originally signed in 2019 by Khan’s administration, which was topped up with another $1 billion last year.
The country desperately needs next IMF loan tranche to shore up its dwindling forex reserves that have dropped below $4 billion — barely enough to cover three weeks of imports.
The IMF stalled disbursements last year since the government was reluctant to implement stringent economic reforms, such as removal of various subsidies, amid soaring inflation in the country.
