Ishaq Dar's big statement regarding dollar prices

ARY NEWS

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Transcript

00:00 In history, historians say that the Prime Minister had to go and bail out the IMF MD

00:05 because the Ministry of Treasury was essentially not working.

00:08 Because Shabaz Sharif had to get active.

00:10 This is not true.

00:11 The Ministry of Treasury completed nine teams.

00:16 Technical review was over.

00:18 But he had to step in.

00:19 No, step in. He was there. I was busy. I was busy in the budget.

00:26 It was June. I was asked to go for two or three days.

00:30 I said I can't go.

00:31 And then also, sir, you are saying that he had to go.

00:35 Because we are in a stand-by agreement.

00:38 We are still in it. He is coming to review again.

00:40 No, no. I have negotiated.

00:42 Absolutely, sir.

00:43 You were given 1.2 billion and you were given a leave of 9 months.

00:46 You talked about the budget. I was asked for the budget numbers.

00:49 I refused. I am saying on record.

00:52 I said, look, sign the number review.

00:55 Start level agreement. You have the numbers.

00:57 This is in April-May.

01:00 When June came, they asked for the numbers.

01:02 And they told me that I will give you the numbers.

01:05 It will be deemed to be the 10th-11th review.

01:07 Sir, you had given the MSD on the return of 1 lakh dollars in the budget.

01:12 Then holding down the dollar.

01:14 They gave the record of plan B.

01:16 If the IMF doesn't come, this is part of plan B.

01:19 What?

01:20 Whatever we did, they also came to know.

01:24 Why didn't they give us the MSD?

01:26 The day you went, your PDM government went.

01:28 The dollar was at 287.

01:30 After that, your 330 went.

01:32 In the next 12 business days.

01:34 Yes, yes.

01:35 What happens always, whenever you are there, from the 90s,

01:37 later we see, the minute you leave as finance minister,

01:40 a skyrocket starts to happen, devaluation.

01:43 Yes, yes. Speculators.

01:44 It comes in every time.

01:45 I did a press conference when I saw this thing.

01:47 I was in London.

01:48 Sir, in 2017, the state bank had put 10 lakh dollars in the middle.

01:51 No, no, there are completely wrong numbers.

01:52 I challenge you.

01:53 PTA government spent more dollars than us, number one.

01:58 Our 5.6 was 7.5, number one.

02:02 When they brought it to 156.

02:04 Number two, these dollars are not given for free.

02:06 The dollar, you, in the market, the central bank does not do finance ministry.

02:11 They do it on their own, and they should.

02:13 We don't have that much volume.

02:15 That's number two.

02:16 You were controlling the central bank, right?

02:18 Let me talk.

02:20 You have raised a very serious question.

02:22 Look, speculators cannot be allowed.

02:26 This was my September statement.

02:28 This September in London.

02:31 I said, speculators cannot be allowed to make the economy hostage.

02:36 And this is not the first time.

02:37 They always do this.

02:39 They did it in 1998-99 and then brought it back in 69-52.

02:43 It was there for 8 months.

02:45 Then they brought it back in 114.

02:47 You saw the open market.

02:48 The Pindi's president said it will come to 100.

02:50 I will leave 600.

02:51 Then it came to 100 and left it at 104.

02:53 The thing is, the real guiding should be real.

02:58 Real effective exchange rate.

03:01 We can neither pack it, nor do it as all the Gulf countries have done.

03:05 It is the same rate for 30-40 years.

03:07 But the action we are seeing, hoarders, smugglers, against all of them,

03:12 you are seeing it in the currency markets,

03:15 the exchange rate companies are also categorized and taken action.

03:19 Why couldn't you do all of this?

03:21 Look, our war was different at that time.

03:23 If we had done it, then IMF would never have done SBA.

03:28 It is totally against it, even if you touch it.

03:32 IMF was stopping the currency speculators, hoarders and smugglers.

03:35 They will not say this.

03:37 IMF will stop you from intervening in SBA.

03:40 Let it go wherever it goes.

03:42 Is SBA intervening today?

03:44 Look, please try and understand.

03:46 Even America and UK, they have a band.

03:49 If it goes above, Bank of England will interfere.

03:52 If it goes below, it will.

03:54 And they have unlimited resources to do that.

03:56 Here, supply and demand alone doesn't work.

03:59 Here, speculators, to make a few crores or a few dinars,

04:03 they harm the country.

04:05 That is our misfortune.

04:07 For that, you should do what you have been told to do.

04:11 IMF says, I think the National Reserve can't say much.

04:17 But it was a mega agenda.

04:19 Let Pakistan default. Let it be.

04:22 If it wasn't stopped at 330, it would have gone to 500.

04:26 That is a cycle.

04:28 So, like a strong control,

04:30 and the smugglers, the currency speculators,

04:33 are being stopped.

04:34 And you will continue this?

04:36 No, it will settle near the reef.

04:39 We have an external loan of $130 billion.

04:42 It is phenomenal.

04:44 You say phenomenal, I say nothing to worry.

04:47 Nothing to worry?

04:48 Nothing to worry.

04:49 Sir, in three years, we have to bring $80-85 billion.

04:53 Where will we get it from?

04:55 How will we run the country?

04:56 There is no problem. Don't scare people.

04:59 I left at 63%, when Nawaz Sharif was the Prime Minister,

05:04 63% debt to GDP.

05:06 It includes both external and local.

05:08 America has 109% debt to GDP.

05:11 UK has crossed after Covid-100.

05:14 Japan has crossed at 250%.

05:16 We keep scaring our people.

05:18 It has to be managed. And we managed it.

05:20 In 2016-2017, we reaped an old $35 billion.

05:24 There is no problem.

05:26 Allah has given you assets.

05:28 Your minerals alone are estimated at $6000 billion.

05:31 Why don't we tell the world?

05:33 Your future is Pakistan Sovereign Wealth Fund,

05:37 which we have created.

05:38 Which has not received any commitment yet.

05:40 It will receive. Everything will receive.

05:42 Let the elections take place.

05:43 Under that, you will have an agriculture fund.

05:45 Under that, you will have a mineral fund.

05:47 Under that, you will have an IT fund.

05:49 Investors will invest in this.

05:52 Some countries will line up to invest.

05:54 Sir, if you come to power,

05:56 whoever comes, will have to take an IMF program.

05:58 We have to return interest,

06:00 our quota is also complete.

06:02 If we take a program for the next 3-4 years,

06:04 we still need structural reform.

06:06 Sir, we are seeing in trillions

06:08 that our energy sector is also bleeding.

06:10 700-800 billion is our state-owned enterprises.

06:13 On which we have no understanding.

06:14 Okay, it is obvious that we need to work on this.

06:17 You come again and again, but you don't work on this.

06:19 No, it is not like that.

06:21 I have told you before,

06:23 this was just a fire fighting.

06:25 And the 100-man building was set on fire in 1997.

06:29 The government had already set it on fire before leaving.

06:32 And his stalwart, Pindike, had said

06:35 that Imran Khan is already setting up a minefield

06:38 that nobody will be able to handle.

06:40 So, I am not saying, his own statements are on record.

06:42 And you, Mariam BB, stopped it first.

06:44 Which you call the era of fire fighting.

06:46 Mariam BB stopped retailers and agriculture from taxing.

06:49 You also stopped Mr. Mifta.

06:51 You also couldn't do it.

06:52 Sir, the problem is that 45% of GDP

06:55 is covered by retailers and agriculture.

06:57 And less than 2% is taxed.

06:58 To change the constitution?

07:00 You cannot change the agriculture tax constitution.

07:03 Will you do it?

07:04 No.

07:05 No, no, no. I am saying, will you tax retailers?

07:07 No, retailers.

07:08 You are mixing it up.

07:10 Don't mix up agriculture.

07:11 You said retailers and agriculture.

07:12 We are talking about both. Tell me both, sir.

07:13 Look, there is already a tax on retailers.

07:16 That's enough.

07:17 You can always improve the collection.

07:19 Who doubled the tax collection for the first time?

07:21 In 2013, 2017, 2018?

07:23 PM LN?

07:24 It hasn't doubled yet.

07:25 He came to double it in a year.

07:28 You must remember the statement.

07:29 There was a flash on TV.

07:30 Before he was elected.

07:32 He said, he took Rs. 4000 and went for Rs. 7000.

07:34 I will double it in a year.

07:35 Where did he leave it?

07:36 He left it at Rs. 7000.

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