His first ever encounter with economic reporters took place in the opening ceremony of a two-day conference of the South Asian Federation of Accounts (Safa) on Friday night.
He told reporters, "We will present the true picture of the current economy before the nation in a few days and revise the financial policy to bring it in harmony with the aspiration of the nation and provide relief to the masses."
The Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) organised the conference.
He said the government would take concrete steps for the poor living below poverty line to ensure smooth and sufficient supply of flour and make policies for the benefit of the farmers.
He claimed that they would ensure that the flour prices would now go above Rs 20-22 per kilogram. He said the government was monitoring the wheat situation and if the need was felt, it will not hesitate to import it. He said the per day income of 73.6 percent population of the country was below two dollars "and we have to enhance it."
About the budget 2008-09, he said it would be good for all segments of society. Refuting the previous regime's claim that it had brought down the poverty from 33 percent to 23 percent, he said their calculation was based on one dollar per day, but now when dearness has increased it should be counted on the basis of two dollars. If we do so the poverty rate comes 73.6 percent with addition of 16 million poor.
About the possibility of curtailing defence budget, the minister said, "We will bring transparency in it, however, if we could do some saving under this head without compromising on our defence could go for this option as the present army leadership is co-operating with us."
Earlier, addressing the function, he said the new democratic government had been formed which had to come up to the expectations of people and that he was confident that it would do so.
He said he was favouring direct investment, adding, "But, we have to be very selective and we will change the policy of foreign direct investment." Criticising the previous regime's policies, he said, "I was confident that the growth being projected by it was not sustainable. Availability of mobile phone sets and cars in abundance was in no way an economic progress. It is time that we also promoted regional trade and improve and promote our agriculture sector."
He said that because of the election year, the previous government incurred on expenditure 11 months income. "We are making a balance sheet of these 11 months expenditure and will take up the matter with the finance committee."
He said he had accepted the ministry of finance on the insisted of the coalition partners and he would not disappoint them. He said the last 8 budget were pro-rich but we will present a pro-poor budget. "The coalition government faces a tough task of rebuilding economy, which has been ruined by the past government," he added.
He said he had told the Prime Minister that they could not be held responsible for the economic mess created by the previous government. He said the government would have to make a new beginning to resolve the number of serious economic and financial issues accumulated over the past eight years.
"These issues are haunting the new government but we have to find some solution and put the economy on right track. He said his government faced a serious problem of twin deficits - trade and fiscal deficit - and it would have to find ways of coping with them. He said inflation had increased because of ill conceived polices of the previous regime with food inflation reaching 15-16 percent, making the life of the common man difficult.
The minister said international donors would be taken into confidence about the state of economy and Pakistan would have to move carefully to address these problems.
Lauding the role of ICMAP in productive activity, Dar said it was a matter of satisfaction that the institute was keeping abreast with the latest management techniques, especially in the most important area of Accounting, Finance and Management.
He also urged professional accountants to achieve competence and add skill in their profession and apply the same with the dedication thus contributing the share in production in all sectors of economy.
Former federal minister Salman Taseer, ICMAP President Sher Afgan Malik, Safa President Shabbar Zaidi, Chairman Rashid Rahman Mir, and ICAP President Imran Afzal also spoke on the occasion.