No chance of financial emergency in country Dar.

ISLAMABAD -- Finance Minister Ishaq Dar on Friday ruled out the possibility of imposing economic emergency in the country and blamed Pakistan Tehreek-e-Insaf (PTI) for the current economic crisis.

Addressing a press conference here, Dar held PTI responsible for bringing the country on the brink of default. However, he claimed that the incumbent coalition government has saved the country from the default after prioritising the state over the politics. At the time of no-confidence motion in April last year against then prime minister Imran Khan, he said that the leaders of the coalition govAernment had decided to keep aside all political interests in the wider inAterest of the state.

'There is no need for a financial emergency,' the finance minister said. He added that the governAment would succeed to manage the widening budget deficit.

He alleged that PTI led by its Chairman is spreading 'fake news' regarding Pakistan headAing towards default. 'My pressAer today would be a reality check for Imran Khan,' Dar said. He went down hard on the PTI chief for continuous criticism of the coalition government. He said: 'I am unable to underAstand whether he (Khan) has a problem in his leg or brain.' The Finance Minister termed ImAran Khan's attitude as selfish by saying the PTI leadership tried to sabotage the International Monetary Fund (IMF).

He once again made it clear that Pakistan would not deAfault as it never happened in the past. Referring to Khan's reAmarks about default, the finance minister said that the PTI chairAman's statements 'adversely affect' the country's financial markets. He assured the nation that the incumbent government has a roadmap and a policy to steer the country out of the ecoAnomic crisis.

'Yes, we are in a precarious position as reserves held by the State Bank of Pakistan (SBP) deApleted to $2.8 billion. Although the total national reserves were still at $9 billion as commerAcial banks were holding around $5.5 billion,' the minister said and added that Pakistan is exApecting 1.3 billion dollars in fiAnancing from the Industrial and Commercial Bank of China in the coming days to help imAprove its foreign exchange reAserves. He further said that he is confident that State Bank of Pakistan (SBP) held reserves will be increased to $10 billion while national reserves will be increased to $16 billion before June 30 this year.

Regarding the progress of neAgotiations with the InternationAal Monetary Fund for a bailout programme...