Asian Development Bank (ADB) President Takehiko Nakao warned yesterday that the ongoing political impasse could damage Pakistan’s recently stabilised economy, as Finance Minister Senator Ishaq Dar said the government would miss its growth target due to recent floods.
Speaking at a joint press conference, Nakao and Dar praised the government of Prime Minister Nawaz Sharif for improving the macro-economic outlook and pursuing a liberalisation agenda.
“Today we are seeing the growth rate is picking up, the inflation rate is becoming more managed, and foreign reserve (has picked up) – and the exchange rate is becoming stabilised so it is really a remarkable achievement by the government,” said Nakao.
“What is important is the continuation of democracy. I am so glad to see the peaceful and democratic transition of government last year,” he continued.
But protesters led by Pakistan Tehreek-i-Insaf (PTI) Chairman Imran Khan and Pakistan Awami Tehreek (PAT) chief Dr Tahirul Qadri have camped outside parliament for more than a month demanding Sharif resign, alleging he rigged the poll, which local and foreign observers rated as credible.
Pakistan’s government has said the crisis has cost the exchequer billions of rupees (millions of dollars) and deterred foreign investment after ratings agency Moody’s upgraded the country’s outlook from negative to stable.
