ISLAMABAD: Federal Minister for Finance and Revenue Ishaq Dar dismissed rumours of Pakistan "defaulting" on Saturday, reaffirming his position that he will rescue the nation from its financial crisis.
There are economic difficulties, but "we have taken effective actions to solve them," Dar said in remarks to a special meeting of the Senate's Business Advisory Committee.
But he also said that the entire country must participate because it is a common responsibility.
The finance czar, who seized control of Pakistan's faltering economy in September from his predecessor Miftah Ismail, said: "There is a need to eliminate wasteful expenditures."
The $350 billion economy of Pakistan has been struggling to fend off balance of payments pressures brought on by declining foreign currency reserves and a growing current account deficit.
At the Parliament House, Senate Chairman Sadiq Sanjrani called a special meeting to assess and discuss austerity measures in light of the nation's present financial condition.
Sanjrani made the observation at the beginning of the meeting that tough choices must be made in order to overcome obstacles on the economic front while soliciting advice from the parliamentary leaders of various political groups.
At the discussion, it was discovered that the Senate Secretariat was also developing a plan to lower the fuel allowance for committee chairs. Also, he added, no additional honoraria will be given to senate staff during the current fiscal year.
There was also talk of putting a three-month travel ban in place.
Dar had previously assured me that the
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