Finance czar banks on Allah for Pakistan's prosperity

Stressing that the government was doing all it could to salvage the country's economy, Finance Minister Ishaq Dar said on Friday that Pakistan is the only country founded in the name of Islam and Allah Almighty is responsible for its development and prosperity.

The Pakistan Muslim League-Nawaz (PML-N) leader, while addressing the inauguration ceremony of the Green Line Express Train service in Islamabad, said that he had full faith that Pakistan would progress because it was created in the name of Islam.

"If Allah can create Pakistan then He can also protect, develop, and make it prosper," Dar added.

The finance minister said: "The government is trying its best to improve Pakistan's condition under Prime Minister Shehbaz Sharif's leadership."

Dar reiterated the incumbent government inherited several problems from the previous government, adding, the government was working day and night.

"The team is trying to improve the situation ahead of the elections."

He said the country is still suffering due to the "drama" that started five years ago and insisted that the economy was strengthening during Nawaz's tenure from 2013-2017.

The finance minister added that Pakistan Stock Exchange was the best-performing capital market in South Asia and ranked fifth in the world during Nawaz's era and the sights of the world institutions were set on it.

Dar maintained that today Pakistan was paying the price for the "Panama drama", the ouster of the PML-N government, and similar issues it faced over the last five years. "Pakistan was on the growth track during Nawaz's tenure, but it was derailed," he added.

"People can see the destruction the country suffered in the last five years, and they know who has delivered in the past," Dar added.

Dollar wins Dar loses

It is to be noted that despite repeated claims by the finance minister, who replaced Miftah Ismail, to bring the dollar rate under Rs200, the greenback surged to a record high of Rs268.30 in the interbank market.

The Pakistani rupee extended its downward trend on Friday with the local currency plunging over Rs12 against the US dollar in the interbank market as the government eased its control over the currency in order to convince the International Monetary Fund (IMF) to release pending loan tranche.

The local unit was trading at Rs268.30 compared to Thursday's close of Rs255.43 in the interbank market.

A day earlier, the rupee shed 24.11 in the interbank market, falling as low as 255.43 rupees to the dollar. The 9.6% decline is the second-biggest drop in a single session.