Federal Minister for Finance and Revenue Senator Muhammad Ishaq Dar has said that the government will try its level best to steer the country out of the economic crisis by controlling inflation and regaining the deserving value of the Pakistani currency, WealthPK reports.\

Talking to the media after taking oath as finance minister, he said that regaining the deserving value of the country’s currency, bringing down inflation and reducing interest rates were among the priorities of the government.

Earlier, President Dr Arif Alvi administered the oath to Senator Ishaq Dar as federal minister.

Dar said that Pakistan was facing a severe economic crisis currently. However, he was optimistic that the country would be put back on the path of economic growth.

“As a nation we have challenges, we have faced them with success in the past,” he said while citing the examples of economic restriction following the nuclear tests of 1998 and declared macroeconomic instability of 2013.

“I will not make verbal promises only,” said the new finance minister and recalled 2018 when Consumer Price Index (CPI)-based inflation was 4%, food inflation was 2%, the growth rate was 6.3%, reserves were the highest, the interest rate was 6.25% and stable exchange rate was Rs104.50 against the dollar.

Had the country been allowed to grow at the same pace, it would have become the 18th largest economy by 2025-26 instead of 2030, leaving behind Italy and Canada, he said. Dar said that as the 18th economy of the world, Pakistan could have enjoyed becoming part of the G-20 world premium club.

He said that former finance minister Miftah Ismail played a good role in saving the country from an eminent default. However, he said that the damage caused to the economy could not be corrected in just six months.

He said that the Pakistani rupee had already started gaining its value. He added that the country was facing imported inflation.

The finance minister said that it was the need of the hour to let the country make progress and become prosperous through economic development.

Credit : Independent News Pakistan-WealthPk