LAHORE (National Times) – Former finance minister Miftah Ismail on Wednesday warned that the default risk would continue to loom over the country until it managed to secure the next tranche of loan from the International Monetary Fund (IMF).

The PML-N leader’s remarks has put him in a face-off against Finance Minister Ishaq Dar who has categorically denied the speculations that the South Asian country is at the brink of default.

Mr Ismail said Pakistan wouldn t be able to get loans from other global lenders if the 9th review under $7 billion Extended Fund Facility (EFF) was not completed by the Fund. He maintained that former prime minister Imran Khan had pushed the country to default.

The financial wizard said he had asked the government to impose tax on affluent segment of society for economic stability.

A day earlier, Mr Dar, in an interview with a news channel, said the country needed $16bn to put the economy back on track, adding the government was trying to meet the conditions set by the IMF.

He further said Saudi Arabia and China had assured financial support to Pakistan to help with economic challenges.