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Oct 10, 2013
Finance Minister Ishaq Dar has said Islamabad is implementing a series of long-delayed reforms to turn around the broken economy of the country.
Speaking at Washington’s Atlantic Council think tank‚ he said despite inheriting a fragile economy‚ the government has taken bold structural and energy sector reforms.
The Minister also touched on the implications of war on terror for Pakistan’s economy‚ Pakistan’s tremendous democratic gains and Prime Minister Nawaz Sharif’s commitment to democratic ideals.
He said Pakistan’s nuclear assets are completely secure and there is absolutely no chance of their falling into wrong hands.
Referring a number of fiscal‚ taxation and energy sector reforms Ishaq Dar said the government’s steps have enhanced international confidence in Islamabad’s commitment to improving the economy.
Recounting the steps the new government has taken since its inception‚ he said it is resolved to curb inflation‚ increase tax to GDP ratio and expand revenues.
Meanwhile‚ talking to journalists in Washington‚ Finance Minister Ishaq Dar said the Pakistani currency was over-devalued because of market speculations but is now picking up.
He said the government had already taken steps to prevent further devaluation.
The Minister pointed out that Pakistan was not the only country to have faced rapid devaluation because of speculations. He said in India recent developments had forced the government to inject fifty billion dollars into the market.
Ishaq Dar said the impression that IMF was telling the government how to make its policies was totally wrong. He said the government is trying to control fiscal deficit because it is in the country’s interest.