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Ishaq Dar

Pakistan never defaults on its int’l payments: Dar

ISLAMABAD: Minister of Finance and Revenue Senator Muhammad Ishaq Dar Saturday (19th of Nov 2022) ruled out any prospects of Pakistan being on verge of default over its international payments and reiterated that it would will never come close to it as it was committed to making all its payments on time without any delay.

In a video massage, he strongly rejected the baseless and irresponsible statements and rumors about the country’s economy, saying that the government had arranged all international payments for the next one year.

Finance Minister Ishaq Dar said that for the past few days, baseless and irresponsible rumors had been circulating about the country’s economy just for the political objectives.

When these rumors were spread through social media and various sources, it not only affected Pakistan’s economy and economic interests, but also impacted the affairs and transactions with their bilateral and multilateral partners, Dar opined.

Ishaq Dar said that rumors were being spread that Pakistan would not be able to pay $1 billion sovereign bond (sukuk) in December.

“This is baseless and contrary to facts, Pakistan has never defaulted on its international payments and will never come close to it,” Dar maintained.

Rumors are also being spread about Pakistan’s credit default swap, Dar said, adding that they had their own ambitions and formula with regard to credit default swap, this was a baseless thing and the speculations in this regard should be stopped.

Ishaq Dar said that rumors were making rounds about the petroleum products which were also fake.

Pakistan has reserves of petroleum products according to the country’s need and demand and there is no need for worry, Dar added.

Apart from disturbing the public, such rumors also created concern in the financial and international institutions and they sent questions, which not only harmed the efforts for economic interests but also wasted time, Ishaq Dar further said.

Ishaq Dar said that there were still rumors about the current account deficit.

The current accounts are being closely monitored, professionally managed and well managed, Dar told and added that the current account deficit was $316 million in September, which was expected to be $400 million in October.

“That is, by the end of the financial year, the current account deficit is likely to be 5 to 6 billion dollars, while the target of this deficit for the current financial year is 12 billion dollars.

“The current account deficit is expected to remain below target,” Dar added.

Finance Minister Ishaq Dar said that in the light of the facts Pakistanis should not pay heed to any kind of rumors, as they accorded top priority to Pakistan and for the country’s economy, they needed to work beyond political affiliations.

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Sania Jamali

Sania Jamali, who studied Media in UAE, is associated with Newspakistan.tv since its inception (2015) mostly reporting International Politics.