Finance Minister Ishaq Dar asserted on Friday that the government was working nonstop to revive the economy of the nation and that Pakistan was the only nation to be formed in the name of Islam. He claimed Allah Almighty was responsible for the country’s growth and prosperity.
The head of the Pakistan Muslim League-Nawaz (PML-N) spoke at the Green Line Express Train service’s inaugural event in Islamabad and expressed his complete confidence that Pakistan would advance because it was founded in the name of Islam.
Dar said, “If Allah can create Pakistan, He can also preserve, advance, and make it prosperous.”
According to the finance minister, with Prime Minister Shehbaz Sharif’s guidance, “the administration is doing its utmost to improve Pakistan’s condition.”
Dar emphasised that the current administration was working around the clock and inherited several issues from the outgoing administration.
He argued that the economy was growing under Nawaz’s leadership from 2013 to 2017 and said that the “drama” that began five years ago is still having an adverse effect on the nation.
The Pakistan Stock Exchange, which was ranked fifth globally and had the attention of international institutions, was the best-performing capital market in South Asia, the finance minister continued.
Rupee free fall
It should be mentioned that despite numerous promises made by the finance minister who took over from Miftah Ismail to lower the dollar rate to below Rs200, the dollar soared to a record high of Rs268.30 in the interbank market.
On Friday, the Pakistani rupee continued to decline as the government relaxed currency controls to persuade the International Monetary Fund (IMF) to deliver a delayed loan tranche. The local currency fell almost Rs12 versus the US dollar in the interbank market.
The local currency was trading at Rs268.30 instead of Thursday’s interbank market close of Rs255.43.
The rupee lost 24.11 in the interbank market the day before, reaching a low of 255.43 rupees to the dollar. The 9.6% decline represents the second-largest session-level decline.