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In Islamabad, Former Finance Minister Miftah Ismail says that the risk of default will not go away even if an agreement is reached with the IMF next week. The IMF is exaggerating by forecasting a current account deficit of $8 billion. Last week the IMF changed its position and raised interest rates significantly, which has also come to pass.
Speaking on the Geo News program, Miftah Ismail said that Saudi Arabia had been asked for investment confirmation, friendly countries are angry with Pakistan that Pakistan does not do what it says, we have reneged on our promises, and defaulted. Friendly countries have backed away from the risk.
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The former finance minister said that immediately after this IMF program, we have to go to another program, return 20 billion dollars every year, and tell Qatar and Saudi Arabia that we are serious, we are stuck in a vortex.
Miftah Ismail said that if the caretaker government comes in August, it should start negotiations with the IMF. The banks need money, collect 20,000 billion, and still, there will be a deficit. Every government says that they will reduce the revolving credit. It can’t be less. The staff-level agreement is expected from IMF by next week.
