Ishaq Dar, Pakistan’s Minister of Finance and Revenue, assured the public on Thursday that the nation would uphold its financial commitments even in the absence of a revival of its dormant loan agreement with the International Monetary Fund (IMF).
Dar acknowledged the delay in signing a staff-level agreement with the IMF for the release of a significant economic bailout during his speech at the Islamabad Security Dialogue.
Due to its inadequate foreign exchange reserves, Moody’s Investor Service had previously issued a warning that Pakistan might experience default in the absence of an IMF program. In a similar vein, Fitch Ratings had voiced reservations in regard to the potential for default or debt restructuring.
Dar, however, denied the escalating “rumors” of Pakistan’s default and emphasized the commitment of the nation to upholding its debt obligations. He declared that whether or not an agreement with the IMF was reached, Pakistan would not default. Dar went on to say that Pakistan had met all requirements and made the necessary moves to come to an agreement to restart the loan program.
In his remarks on international politics, Dar demanded an end to Pakistan’s injustices and mentioned how, despite its difficulties, Pakistan’s management had won praise from other countries. He also mentioned that Pakistan needed to make $3.7 billion in debt payments by the end of June and gave his assurance that the nation would keep all of its commitments and do so on time.
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