Islamabad: Pakistan’s Deputy Prime Minister and Foreign Minister, Ishaq Dar, has stated that political instability in 2017 halted the country’s economic progress and brought it dangerously close to default.
Speaking at an event at the Pakistan Stock Exchange, Dar claimed that Pakistan’s current debt is manageable, emphasizing the nation’s vast reserves of minerals, mines, and metals. He asserted that under Prime Minister Shehbaz Sharif’s leadership, the country was saved from default, and foreign investors are increasingly confident in Pakistan’s economic prospects. Dar also highlighted the need to strengthen local capital markets to reduce dependence on foreign institutions.
Dar further noted that when Nawaz Sharif’s government ended, the country’s debt-to-GDP ratio stood at 63%. However, after 2018, Pakistan’s debt has continued to rise steadily.
He criticized the political instability of 2017, which, according to him, not only stalled the economy but also pushed Pakistan to the brink of financial collapse.
The Deputy Prime Minister also referenced the successful integration of the country’s stock markets, stating that the seed planted nine years ago has now grown into a strong tree. He mentioned that in 2018, the stock market was valued at $100 billion.
Dar expressed confidence that under the leadership of Prime Minister Shehbaz Sharif, Pakistan would regain its lost standing in the international community, citing the successful hosting of the Shanghai Cooperation Organization (SCO) summit after 27 years as a testament to this progress.
