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Ishaq Dar says Pakistan to Become Banana Republic if IMF loan Not Taken

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Posted by on Monday, June 24, 2013, 10:46
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Federal Finance Minister Senator Ishaq Dar on Sunday reiterated his government’s commitment to end the Rs500 billion circular debt by August 12.

Federal Finance Minister Senator Ishaq Dar

Federal Finance Minister Senator Ishaq Dar

Speaking from the floor of National Assembly, Dar said the total amount of circular debt stood at Rs508 billion as of May 31 and vowed to pay off Rs370 billion by June 30 to partially settle the private sector dues.

“The entire circular debt will be cleared by August 12,” he said.

He said that Pakistan would become a Banana Republic if loan was not taken from the IMF. Dar maintained that his government would negotiate a loan deal with it, not beg.

The finance minister said that people would be taken into confidence over the agreement with the IMF and vowed to repay the loan obtained by the previous government.

He said the details of the pact reached with the IMF will also be made available on the Federal Finance Ministry’s website.

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