Ishaq Dar: Pakistan’s Economy Has Achieved Stability, Focus Now on Growth

Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar has said his visit to the United Kingdom was highly positive and successful, expressing a desire to take Pakistan-UK relations to new heights. Addressing the Pakistani community in London, Dar said both sides had agreed to further strengthen ties with British authorities. He said Pakistan’s economy has now achieved stability and the government’s focus has shifted toward economic growth and development.

Dar recalled that Pakistan was experiencing rapid economic growth in 2017 but said the country’s economic development journey was subsequently disrupted. He maintained that had the growth trajectory not been halted, Pakistan would today have been counted among the world’s major economies. He said Pakistan has now moved away from the risk of default, foreign exchange reserves have improved and economic activity has resumed. Inflation, he added, has declined from 30 percent to single digits, while the policy rate has fallen from 22 percent to 11.5 percent.

The deputy prime minister said the government would work to restore Pakistan to the economic indicators achieved in 2017, with greater emphasis on growth, per-capita income and living standards. He said Pakistan’s goal is to become the world’s 24th-largest economy and eventually join the G20. Dar also said Pakistan is fulfilling its diplomatic responsibilities at the global level and that the country’s diplomatic efforts are being appreciated internationally.