Internal, external conspiracies behind devaluation: Dar

LAHORE: Former finance minister Ishaq Dar on Tuesday said Pakistan should forget about joining the G-20 by 2030, adding that the timing and mode of amnesty scheme wasn’t right and it seemed that it won’t produce positive results.

In an interview to a private TV channel, Dar said internal and external conspiracies were behind the devaluation and he had informed the prime minister about the issue and consequences during the July-October period last year at four meetings after the formation of new government.

These meetings were also attended by Miftah Ismail, Fawad Hassan Fawad, Ali Jahangir Siddiqui and others, he added. He said some rich people in the country devalued the money to their “Western interests” with an excuse of increase in exports and transfer of dollars to the country. He could not answer aboutsome things but the world organisations and some people in Pakistan had always done the same to the country and devaluation was the best option to damage Pakistan’s economy, Dar added. He said the country’s economy witnessed improvement during his four-year tenure, which had been acknowledged by international rating companies.

Dar said there was no need of devaluing the currency which was very stable and the trend had also resulted in an increase in debt. He said he had sent a note to the prime minister last month in which reservations were expressed on economic issues.

Citing the example of Venezuela, Dar said he had been telling the world financial organisations that they were behind the devaluation and economic destruction of various countries. He said he opposed the devaluation which was on record and his stance had also been acknowledged. Dar wanted to return to the country but the doctors were not allowing him due to his heart problems.

He said his medical reports had been regularly shred with the court, adding that the 34-year tax record was also submitted. He rejected the impression of being absconder, saying only lower courts had declared him an absconder despite sending all the medical reports. Apart from the hear-related issues, the former finance minister added, he was also feeling sever pain in neck. Dar said the medical reports from the UK could never be wrong as the documents were verified by Pakistan’s embassy.