Dar, 72, is a chartered accountant who had served as finance minister thrice in the past. He faces the daunting task of stabilising Pakistan's economy which has been in a tailspin.
Pakistan rupee depreciated by 50% in Dec 2017-July 2019. With forex reserves left for one-and-a-half months of imports, Pakistan faces balance of payments crisis.
Pakistan’s economy is on the brink of collapse, and the IMF sanctioned a $6 billion loan last week on the condition that the rupee be left to perform freely.
The collusion between the new class of bureaucrats, politicians, businessmen and trade union bosses perpetuates itself partly because of the short-run benefits and partly because they see no way out of the system, wrote author MH Mody in 1980.
IAF is firming up plans to revamp airlift capabilities with medium transport aircraft that will be assembled in India & serve as its main workhorse. Embraer is leading contender as of now.
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