Advertisement
Advertisement
Advertisement
Advertisement
Govt to complete IMF programme, won’t approach Paris Club: Dar

Govt to complete IMF programme, won’t approach Paris Club: Dar

Govt to complete IMF programme, won’t approach Paris Club: Dar

Minister for Finance and Revenue Senator Ishaq Dar.

Advertisement

ISLAMABAD: Minister for Finance and Revenue Senator Ishaq Dar on Sunday reaffirmed the government’s resolve to fully honour all the commitments made with International Monetary Fund (IMF) and will not approach private lenders for debt restructuring.

Addressing a press conference, the minister also categorically dismissed the speculation regarding approaching the Paris Club for rescheduling loans of the multilateral lenders and donor agencies.

He also denied extending the date of maturity of Pakistani bond in the international market. The bond would be matured by December this year and all the payments would be endured with in time to maintain and protect national sovereignty, he added.

He said the government was fully determined to protect and maintain its national sovereignty and integrity, adding that all the commitments made with creditors would be fulfilled in letter and spirit.

The minister said that prior to current programme with the IMF, the PML-N  had completed a programme in 2016, and time too, the government will complete all agreements with the global financial institution.

Advertisement

He confirmed that the 9th review with IMF is scheduled on October 25. He added that all previous commitments would be completed to successfully implement the programme for the second time and maintain the country’s reputation in the international market.

Pending LC to be cleared

He said that the prime minister had received complaints from the business community that their shipments had stopped arriving, Letters of Credit (LCs) were opened and there was no mechanism for payment due to the unavailability of credit.

He said that this situation emerged due to bad governance of the last regime as foreign exchange reserves reached their lowest level, leaving very narrow space for opening the LCs. He said steps are being taken to address the grievances of local business community.

The minister said he has held series of meeting and discussion with Governor State Bank of Pakistan (SBP) and asked him to compile comprehensive value-wise data before leaving for US to facilitate the local business community.

The minister said that the SBP had compiled the data and as a first step it was decided that all the pending payments worth up to $50,000 would be cleared, adding that about 7,952 payments would be made which would help to clear about 52 percent of the pending LCs.

Advertisement

Moodys rating

He said the longstanding issue of export-oriented industry was also addressed they would be provided power at Rs19.99 per unit. He said this would help export to flourish and attract foreign exchange.

Regarding the recent Moody’s Credit rating, the minister said that they had complied report in haste and the ministry had submitted its response on its press release.

Dar said that Pakistan had faced even the worse economic challenges during the time of nuclear test in 1998 and it came out from the crisis, adding that all the challenges faced now would also be overcome.

 

Also Read

World Bank to provide $2 bn to Pakistan for flood-hit areas
World Bank to provide $2 bn to Pakistan for flood-hit areas

The World Bank country director further informed that around $ 1.5 billion...

Advertisement
Advertisement
Read More News On

Catch all the Business News, Pakistan News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story