Would have defaulted had we not gone to IMF programme: Miftah Ismail

LAHORE (92 News) - Finance Minister Miftah Ismail has said that the country would have defaulted had they not gone to the International Monetary Fund (IMF) programme.

Addressing a ceremony at Lahore Chamber of Commerce and Industry (LCCI) on Saturday, he said that the country had to pay US$36 billion as it had to pay off US$24 billion abroad.

"The country had foreign reserve of US$10 billion when they assumed the power. In April, US$3 billion also reduced in payments. We knew the situation before assuming the power. I told Shehbaz Sharif that the government would have to increase the petrol price," he maintained.

The minister said that Nawaz Sharif had fulfilled the power demand by installing factories. "China and Bangladesh increased the exports when they had enough electricity. We have to increase export to avoid the trade deficit," he maintained.

He appealed to philanthropists to generously support the flood victims.