PM directs crackdown against dollar hoarders

Economic team told to ensure completion of IMF loan program
Dec 14, 2022
<p>PM Shehbaz Sharif chairing a meeting of his economic team. Screengrab</p>

PM Shehbaz Sharif chairing a meeting of his economic team. Screengrab

Prime Minister Shehbaz Sharif on Wednesday directed his economic team to launch a crackdown against those who were hoarding US dollars in the country in the wake of reports that the greenback was being smuggled out of the country, causing a gulf in the interbank and open market value of the rupee.

He issued these directions while chairing a high-powered meeting of his economic team in Islamabad on Wednesday.

A readout of the meeting issued later stated that Shehbaz had directed the finance ministry to issue an economic fact- sheet of the country to make plain to the public the current situation faced by Pakistan.

The directions came after Shehbaz’s financial czar Ishaq Dar had blamed the smuggling of foreign currency for failing to come good on his promise of bringing the greenback to a value less than Rs200.

On Wednesday, US dollar closed at Rs224.71 in the interbank, with a meager increase of just one paisa, in comparison to the Tuesday’s closing rate of Rs224.70.

PM directs economic team to fulfil IMF program

PM Shehbaz further directed his economic team to fulfil the International Monitory Fund (IMF) program as renegotiated by his administration after taking over power in April.

The premier directed his economic team to focus on institutional reforms and key policy matters for the economic uplift of the country.

PM Shehbaz further directed meeting participants to take all necessary measures to control the current account deficit and fiscal deficit.

Ishaq Dar rules out economic default

Earlier on Tuesday, Ishaq Dar had told media persons that matters regarding the ninth review of the International Monetary Fund (IMF) package have been completed and that they were waiting on the Fund to complete the matters from their end.

On the other hand, former finance minister and PML-N leader Miftah Ismail had warned that the risk of default would not subside until the IMF program is completed.


PM Shehbaz Sharif

international monetary fund


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