Tarin disputes govt’s claim of reaching agreement with IMF

Former finance minister and PTI Senator Shaukat Tarin on Wednesday said that finance czar Miftah Ismail was “constantly telling lies” that the federal government had reached an agreement with the International Monetary Fund (IMF), noting that the rupee would continue to lose ground against dollar due to political uncertainty in the country.

He called for early general elections in the country, saying the PTI would cooperate in the formation of an interim set up.

Addressing a news conference at Insaf House, Karachi, Tarin maintained that the value of rupee should have stabilised if the current government's negotiations with the international money lender were successful.

“However, this has not happened, which means that (Finance Minister) Miftah Ismail is giving false statements.”

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Tarin said the people had lost confidence in the incumbent government due to the rising inflation and devaluation of rupee and called for early general elections.

“This inflation and depreciation of rupee make it clear that the market and people have lost their trust in you (government). Your credibility has finished and there is only one solution – announce general elections and bring a credible interim government,” he said.

“We, too, will cooperate with an interim government,” he added.

Tarin said Pakistan had not received any money from the IMF or the friendly states and added that the current economic crisis was due to lack of political certainty in the country.

Earlier in the day, Miftah held a presser, saying an agreement with the IMF had been reached, and categorically stated that the government would implement it.

He said the World Bank and the Asian Development Bank had also opened their financing for Pakistan following the agreement with the IMF, adding that some friendly countries also assured to help the country to meet its financing gap.

The finance minister claimed that one friendly country pledged to provide oil worth $1.2 billion on deferred payment while another expressed interest to invest in Pakistan Stock Market whilst a third showed interest to provide gas worth $2.4 billion on deferred payment.

Addressing the news conference, Tarin alleged that the current government was deliberately making the economic situation worse to avoid early elections.

Comparing the economic performance of the PTI with the PML-N, Tarin said the former had left a current account deficit of $17 billion. “He (Miftah Ismail) should remember that the PML-N had left a current account deficit of $20 billion.”

He also linked people’s lack of confidence and rupee’s devaluation to the Punjab by-polls, noting that the business community expected a change of government and projected that a “storm of inflation” was yet to come.