Miftah Ismail warned default risk would continue to looms over country until tranche loan from IMF

Lahore: (Staff Reporter) Former Finance Minister Miftah Ismail warned that the default risk would continue to loom over the country until it managed to secure the next tranche of loan from the International Monetary Fund (IMF). The PMLN leader’s remarks have put him in a face-off against Finance Minister Ishaq Dar who has categorically denied the speculations that the South Asian country is at the brink of default.

As per details Mr. Ismail said Pakistan wouldn’t be able to get loans from other global lenders if the 9^th review under $7 billion Extended Fund Facility (EFF) was not completed by the Fund. He maintained that former PM Imran Khan had pushed the country to default. The financial wizard said he had asked the government to impose tax on affluent segment of society for economic stability.

Furthermore a day earlier, Ishaq Dar in an interview, said the country needed $16 billion to put the economy back on track, adding the government was trying to meet the conditions set by the IMF. He added Saudi Arabia and China had assured financial support to Pakistan to help with economic challenges.