Tuesday, June 6, 2023

Miftah Ismail claims Pakistan’s default risk has increased

Former finance minister and Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail has asserted that Pakistan’s risk of default has increased, urging the government to take steps to avert the looming threat.

In an interview with a private news channel, Miftah Ismail noted that during his tenure as finance minister, he took difficult decisions with the assurance of Prime Minister Shehbaz Sharif.

The PML-N leader further claimed that Pakistan’s default risk would not subside until the International Monetary Fund (IMF) came to the table.

“The IMF is the lender of last resort, and when it comes on board, other lenders like the World Bank (WB) and Asian Development Bank (ADB) agree to provide loans,” Miftah noted.

However, he said, if that connection with the IMF breaks or a programme is suspended, then other loans stop as well. Miftah believes the path on which Pakistan was headed might take the country towards default, urging the government to take immediate steps.

Miftah Ismail warned that Pakistan has gone back into jeopardy and the situation would not get better until the IMF comes to the table.

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