Ishaq Dar calls for state action against dollar speculators and addresses economic challenges

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Former Finance Minister Ishaq Dar has expressed concern over the fluctuation and rise of the US dollar against the Pakistani rupee, attributing it to a handful of speculators.

Dar emphasized the need for the state to take action against such speculators, asserting that they should not be allowed to hold Pakistan’s economy hostage.

He noted that the real effective exchange rate should be the basis for trading. Dar made these remarks during a media talk in London, where he also commented on various aspects of Pakistan’s economy.

Responding to a question about the Pakistan Democratic Movement (PDM) government’s performance and his tenure as finance minister, Dar stated that there is no quick fix to the country’s problems.

He highlighted the positive economic indicators during the Pakistan Muslim League-Nawaz (PML-N) government’s term from 2013 to 2018, including a robust stock market and low inflation. However, he acknowledged the challenges faced by Pakistan in recent years and stressed the need for time and the revival of effective policies to reverse the damage.

Dar mentioned that when he took over the economy, Pakistan was on the verge of default due to the policies of the Pakistan Tehreek-e-Insaf (PTI) government.

He criticized the PTI’s approach and stated that the country faced tough times. He also expressed concern about the rise in electricity prices, citing issues such as theft, line losses, and unpaid bills, while highlighting the impact of rupee devaluation on electricity bills.

Dar concluded by affirming the Pakistan Muslim League-Nawaz’s commitment to fighting elections with full force and criticized the politics of hate and anarchy. He emphasized that Pakistan’s interests should always come first and called for no compromise on this principle.