March 02, 2023 (MLN): The Federal Minister for Finance and Revenue Senetaor Ishaq Dar on Thursday refuted rumors that Pakistan is on the brink of defaulting on its external debt payments.
Taking his official Twitter handle, Ishaq Dar stated that “anti-Pakistan elements” were spreading “malicious rumors” about the country’s economic situation and insisted that these claims were “completely false.”
Anti-Pakistan elements are spreading malicious rumors that Pakistan may default. This is not only completely false but also belie the facts. SBP forex reserves have been increasing and are almost
US $ 1 billion higher than four weeks ago despite making all external… 1/2
According to Ishaq Dar, the State Bank of Pakistan’s (SBP) foreign exchange reserves have been increasing in recent weeks, despite the country having made all of its external debt payments on time.
He claimed that the SBP’s reserves are now almost $1 billion higher than they were four weeks ago and that foreign commercial banks have started extending facilities to Pakistan.
The minister also provided an update on Pakistan’s negotiations with the International Monetary Fund (IMF), stating that talks were “about to conclude” and that the country expected to sign a Staff Level Agreement with the IMF by next week.
He expressed confidence in the direction of the country’s economy, stating that “all economic indicators are slowly moving in the right direction.”
