pakistan economic crisis, Pakistan will not default under any circumstances… only $4.3 billion left in account, finance minister making big claims

Islamabad : Pakistan’s Finance Minister Ishaq Dar on Wednesday claimed that the country is ‘not at all on the verge of a financial crisis’ and that it ‘will not default under any circumstances’. Dar’s statement comes at a time when Pakistan’s foreign exchange reserves are dwindling and there are apprehensions that Pakistan may default. The delay in releasing $1.1 billion tranche from the $6.5 billion loan package by the International Monetary Fund is further exacerbating Pakistan’s economic crisis. Addressing a gathering in the capital Islamabad, Dar told his economic team Appreciated the ‘efforts and hard work’ of On the ongoing talks with the IMF to release the long-pending bailout tranche, Dar said his team has completed all the technical work required to complete the ninth review. He stressed that he and his team made “serious efforts” to complete the IMF programme.

Only $4.3 billion left in reserves

Dar described the delay in the IMF program as “unfortunate” and said the review should have been completed earlier. Pakistan’s Finance Minister claimed that the country has repaid $5.5 billion of its commercial loans. The News reported that Islamabad is still considering ways to meet the deadline for other debt payments as the country has to repay $3.7 billion in foreign debt in foreign currency this month and June together, while its current foreign Currency reserves are just $4.3 billion.

Pakistan relying on China’s help

According to the Financial Times report, Beijing had promised to help Pakistan by providing fresh funds immediately after Pakistan repaid two crucial $2.3 billion loans in June. Earlier this year, China had already given some loan to Pakistan. Chinese Foreign Minister Qin Gang also reiterated financial support to Pakistan during his visit earlier this month.

(with agency inputs)

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pakistan economic crisis, Pakistan will not default under any circumstances… only $4.3 billion left in account, finance minister making big claims

Only $4.3 billion left in reserves

Pakistan relying on China’s help

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Only $4.3 billion left in reserves

Pakistan relying on China’s help

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