It appears that some journalistic and economic quarters have embarked on a project of bashing Foreign Minister Ishaq Dar. In my view, there appear to be three main reasons for this: FM Dar’s objections to the undervalued price of the rupee against the dollar, which he suspects is due to foul play by money exchangers and complicit banking groups; his view that an alternative to IMF bondage may be considered in economic planning; and fears that he might threaten a serious audit of circular debt claims and curb smuggling. The previous coalition government only commanded a narrow majority which could be easily jolted by the moneyed interests and smuggling rackets, which I think played a role in the unchecked ascent of the dollar during its tenure. Now, the new finance minister is trying to force another IMF deal on the people without properly auditing government expenditure and investigating fantastical circular debt claims. IMF deals are merely stilts at best and an invitation for US dictates at worst.
M Shaikh
Islamabad
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