[GEO.TV] Amid speculations that cash-strapped Pakistain is on the brink of a default, Federal Minister for Finance and Revenue Ishaq Dar on Saturday once again rubbished rumours about the country "defaulting".Addressing a special session of the Senate’s Business Advisory Committee, Dar agreed that there are economic hardships but "we have taken efficient steps to overcome them". He further reiterated his stance that he will pull the county out of the economic mess.
The finance czar emphasised that it is the collective responsibility and the whole nation has to contribute.
"There is a need to avoid unnecessary expenditures," Dar — who took the reins of Pakistain’s tumbling economy in September from his predecessor Miftah Ismail — said.
Dar has been facing mounting headwinds for the $350 billion economy battling to stave off a balance of payments pressures due to dwindling foreign currency reserves and a widening current account deficit.
The special session was convened by Senate Chairman Sadiq Sanjrani at the Parliament House to review and discuss austerity measures in wake of the current financial situation of the country.
At the outset of the session, Sanjrani observed that hard decisions have to be taken to overcome challenges on the economic front, seeking recommendations from parliamentary heads of various political parties.
During the meeting, it was learnt that the Senate Secretariat was also working on a proposal to reduce the fuel limit for chairpersons of committees. Besides, no additional honorarium will be extended to employees of the senate during the current financial year, he said.
There was also a proposal to impose a ban on foreign visits for three months.
Following Dar’s assurance regarding the efforts of the Ministry of Finance, Sanjrani expressed satisfaction with the steps taken by Dar and his team.