Staff Report
ISLAMABAD: State Minister for Finance and Revenue Dr Aisha Ghaus Pasha said Monday the federal government had no intention of freezing foreign currency accounts despite the nation facing a severe dollar crunch.
“We do not plan on freezing foreign currency accounts and there have been no proposals to take such an action,” the state minister told journalists outside the parliament in Islamabad.
In May 1998, the then-government of prime minister Nawaz Sharif froze all currency accounts after the country’s first nuclear tests.
Pakistan’s foreign reserves today, standing at rock bottom, cover less than a month’s imports as the economy creaks under twin deficits and record-high inflation.
The risk of default remains high, and the struggling nation remains in a deadlock with the International Monetary Fund (IMF) over a much-needed bailout programme.
The minister said the government had shared the fiscal year 2023-24 budget numbers with the lender, and the IMF is still negotiating with the State Bank of Pakistan (SBP).
Finance Minister Ishaq Dar unveiled a Rs14.5 trillion (around $50.5 billion) budget last Friday, with over half set aside to service 7.3 trillion rupees of debt, and experts believe it would not help the government’s case mich in unlocking the loan.
“We have told IMF to conclude the ninth review at the earliest. We have less time and a lot of tension for completing the ninth review,” the state minister noted. The minister said the Fund will not have any issues with the budget.
Pasha said IMF MD Kristalina Georgieva had assured the Pakistani authorities that her organisation would complete the latest review. “All our friendly countries have also given their assurances to the IMF.”
Sunday, Prime Minister Shehbaz Sharif had reiterated that Pakistan has already met “all” the preconditions of IMF to revive the stalled bailout programme of the global lender, adding that “no hurdle is now left” in the signing of a staff-level agreement between the cash-strapped nation and the fund.
Addressing the inaugural ceremony of Sabzazar Sports Complex in Lahore, PM Shehbaz, while referring the government’s plan B, said, “If the agreement with the IMF is [further] delayed, then I will address you.”
“No need to panic,” the premier said, adding that Allah almighty will keep Pakistan safe. The premier hoped that the government and the IMF would reach a stall-level agreement this month.
Stressing the need for political stability, the premier said that a country’s economic stability is linked with its political stability. He vowed to bring economic stability in the country under the leadership of PML-N supremo Nawaz Sharif.
Berating the former ruling party, PM Shehbaz hold deposed prime minister Imran Khan responsible for the May 9 mayhem and vowed to bring all the miscreants involved in the violent protests and attacked on the civil and military installations to justice.
On May 9, the PTI chairman was arrested from the premises of the Islamabad High Court in the £190 million settlement case which led to the deaths of at least 10 people, prompting the authorities to arrest thousands of PTI workers.
Following his detention, PTI supporters took to the streets and attacked important military installations — including the General Headquarters in Rawalpindi and the Lahore Corps Commander’s House, commonly known as the Jinnah House.
Over 100 PTI workers and leaders — including Fawad Chaudhry, Shireen Mazari, Imran Ismail, and Ali Zaidi — have left the former ruling party, condemning the May 9 attacks amid a countrywide crackdown on them. The prime minister said that people attacked the public and private properties at the instigation of the PTI chairman.
