ISLAMABAD: Finance Minister Ishaq Dar has categorically rejected a demand for resignation of Prime Minister Nawaz Sharif. “It is out of question and those making such unconstitutional demands should forget about this,” he said at a news conference here on Wednesday.

Mr Dar mentioned a series of achievements the country had made in a little over one year under the PML-N government. “All politicians, barring a few without any future, are united and unanimous not to let the system, the government, parliament and democracy derail.”

Without naming Pakistan Tehreek-i-Insaf Chairman Imran Khan or Pakistan Awami Tehreek chief Tahirul Qadri, the minister said some unfortunate events related to Aug 14 agitation plan had caused a substantial loss to the stock market which plunged by more than 600 points in a single day after registering over 48 per cent growth in 13 months.

“This drama should be avoided and better sense should prevail for the common good of the country,” he said, adding that the gains made over the past year demanded that “we remain on course and let democracy go on”.

Mr Dar, who was elected chairman of the special parliamentary committee on election reforms earlier in the day, said the protesting politicians should act in accordance with the Constitution. Nobody is against their democratic rights but it is not proper for someone to try to paralyse the system just because he could bring 50,000 people on the road.

He said the PML-N itself wanted electoral reforms and included even a one-member parliamentary party in the 33-member committee constituted by the National Assembly speaker for the purpose. He said even the parties engaged in protests had nominated their members to the committee which was the right forum.

He said the outgoing parliament had also formulated recommendations for electoral reforms even though the previous government could not provide it a legal cover but the election commission adopted many of those recommendations. He said the situation had now changed and even latest technology could be utilised for transparent elections.

Mr Dar, who was chairman of the PML-N election cell, said all local and international observers and television channels had reported that last year’s elections were the most transparent held so far in Pakistan. He said he collected the footage of all television channels which had reported that the PML-N candidates were leading in 112-115 constituencies out of 200 seats before Prime Minister Sharif delivered the victory speech. He said that the PTI had claimed victory in Khyber-Pakhtunkhwa even before Mr Sharif’s speech.

Responding to a question about bringing home around $200 billion stashed in Swiss banks by wealthy Pakistanis, the minister said the amount was just a guestimate but it was for the first time that the federal cabinet had decided to hold open dialogue with Swiss authorities to bring back this money because the existing arrangements under the avoidance of double taxation were very weak. He said Pakistani officials would travel to Geneva in the third week of the current month for formal talks with Swiss authorities and in the process would take guidance from similar steps taken by the UK, US and Germany.

He criticised the previous government for laying the foundation stone of Iran-Pakistan gas pipeline without financial close but he said nothing when asked why Mr Sharif had acted in a similar manner on a major coal-based project of former accountability chief Saifur Rehman at Port Qasim without even signing any agreement or memorandum of understanding or financial close.

Mr Dar took credit for reducing fiscal deficit to 5.7pc of GDP in the last financial year from 8.8pc in 2012-13.

However, when it was pointed out that he had included power sector’s circular debt in the deficit of 2012-13 while the re-emerged circular debt was not settled or included in the deficit of last year, the minister said Pakistan’s accounting system was based on cash accounting and only actual payments became part of fiscal deficit or final accounts.

He, nevertheless, announced that the revived circular debt, which he set at Rs263bn as of August 4, would not be paid and said that the ministry of water and power should recover the amount because such payments could not be made out of the budget while the power sector bureaucracy relaxed.

He said a lot of this amount was legally recoverable while the office of federal adjuster had been activated under which 25pc of provincial bills could be deducted at source.

Responding to a question on the recent visit of the prime minister and finance minister to Saudi Arabia, Mr Dar categorically denied expecting another $2.5bn gift from Riyadh and said that neither Islamabad had made any such request nor they (Saudis) made any commitment. Such speculations should be avoided, he added.

He announced that exchange rate would be kept stable at the current level for the entire year to provide predictability to investors.

Published in Dawn, August 7th, 2014