Allah made Pakistan, he is responsible for Pakistan's prosperity: Pakistan FM

Finance    28-Jan-2023
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Islamabad, Jan 28: Finance Minister Ishaq Dar on Friday said Pakistan is the only country founded in the name of Islam and Allah is responsible for its development and prosperity, as the cash-strapped nation faced an acute balance of payments crisis.
 

Pak FM 
 
Addressing the inauguration ceremony of the Green Line Express Train service here, the senior Pakistan Muslim League-Nawaz (PML-N) leader said that he had full faith that Pakistan would progress because it was created in the name of Islam.
 
 
 
The minister was speaking on the state of the economy when he said that Pakistan’s progress is “Allah ke zimme”, which means that the country’s prosperity is god's responsibility. The comment comes at a time when weekly inflation has surpassed 31 percent in Pakistan, onion prices have surged by more than 500 percent, and rates on rice, pulses, and wheat are up almost 50 percent. “If Allah can create Pakistan then He can also protect, develop, and make it prosper,” Dar said. Facing an acute balance of payments crisis, Pakistan is desperate to secure much-needed external financing, with less than three weeks’ worth of import cover in its foreign exchange reserves, which fell $923 million to $3.68 billion. Pakistan’s currency depreciated to its lowest against the US dollar on Friday in the interbank and open market and closed at Rs 262.6.
 
 
At one stage the currency depreciated to Rs 265 in the open market and Rs 266 in the interbank before making a slight recovery by the end of the day. According to the State Bank of Pakistan, on Friday the currency fell by Rs 7.17 or 2.73 percent from Thursday. The Pakistani rupee’s value has devalued by Rs 34 since Thursday in the interbank, the largest depreciation in both absolute and percentage terms since the new exchange rate system was introduced in 1999.