Pakistan back on right track with IMF deal, says Miftah

ISLAMABAD: Former finance minister Miftah Ismail has said that the default threat looming over the country will recede, and Pakistan is now firmly back on the right track.Taking to Twitter, Miftah said that the signing of the $3 billion agreement was great news for Pakistan. He also congratulated Prime Minister Shehbaz Sharif.

“As I have been saying, a deal with the Fund is the best insurance we have. against default. Now, InshaAllah, the clouds of default will recede.

Hoarding dollars will slowly decrease, and there will be renewed hopefulness and vibrancy in the business climate,” said Miftah.He said Pakistan spent nine months reaching the agreement.

He also acknowledged the efforts of his successor, Ishaq Dar, State Minister for Finance Aisha Ghaus Pasha, special assistant to the prime minister on finance, secretaries of finance, revenue, and power and their teams insecuring the deal.”We must recognise that this IMF deal gives us yet another chance for making fundamental reforms.

Unless we undertake these reforms Pakistanwill remain at the mercy of multilateral lenders and the people of Pakistan will continue to pay for

the structural and governance failures of

their governments,” said Miftah.