Pakistan will not default, debt payments on time: Ishaq Dar

Pakistan will not default, debt payments on time: Ishaq Dar

Pakistan will not default, debt payments on time: Ishaq Dar

Soon agreement to be reached with IMF: Ishaq Dar

Advertisement

ISLAMABAD: Finance Minister Ishaq Dar has categorically stated that Pakistan will not default and would meet its upcoming bond payments.

In a statement, the finance minister said such propaganda for political gains is irresponsible. He said such statements against Pakistan’s economy are against the interest of the country and were being spread for political purposes.

The federal minister also refuted the rumours Pakistan’s inability to repay Islamic Sukuk bonds. He said Pakistan will meet its upcoming one billion dollars bond payments.

“We have never defaulted before. We will not even be close to default. Let me clear this categorically that the bond will be paid and there is no delay in and even arrangements have been made in principal for upcoming payments in the next year,” he said.

Dar said that another rumour was spread about Pakistan’s credit default swap. He said people should desist from speculation about increased risk.

Advertisement

“Our international bonds have very small transactions … and technically there should be no impact on them,” he added.

The finance minister said there was another rumour spread about fuel reserves depleting in the next few days. “There is nothing like this. The reserves are present at the level they should be and there is no need for worry,” he explained.

Dar said the current account deficit was under strict watch and being monitored and managed for the national interest. He said it was $316 million in September and was expected to remain below $400m in October.

“If this continues at the same pace then it will be around $5-6bn for the year [while] the projected was $12bn,” the finance minister said.

He once again said that the country came prior to any political affiliation and requested people to avoid rumours about the economy and issue statements with responsibility.

He reiterated that everything was in order and that bond payments would be made on time in the first week of December. He urged the people to think for Pakistan beyond their political affiliations and avoid speculations.

Advertisement

The PTI has recently raised alarm about the economic situation. A day ago, PTI Chairman Imran Khan also raised concerns about the country’s default risk.

“As I had predicted six months back that the regime change conspiracy would throw our economy into tailspin destroying our capability to service our debts,” he tweeted.

 

Advertisement
Advertisement
Read More News On

Catch all the 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