Ishaq Dar (Finance Minister) repeated his position that all signs were heading in the correct direction on Thursday and once more ruled out the chance of any Pakistan’s default.
It should be noted that earlier this week Moody’s Investors Service further downgraded Pakistan into junk status as the nation battles the worst economic crisis in decades, with foreign reserves collapsing and inflation hitting a record high.
Pakistan will be depending on an IMF bailout in the coming weeks, but there is still a lot of uncertainty about when it will arrive, as seen in current market movements.
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The finance minister Ishaq Dar explained his perspective on Pakistan’s predicted default probability and denounced anti-Pakistan elements for propagating untrue rumors about the possibility of a default. He tweeted,
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 due payments on time.
Foreign commercial banks have started extending facilities to Pakistan.
Our negotiations with IMF are about to conclude and we expect to sign Staff Level Agreement with IMF by next week.
All economic indicators are slowly moving in the right direction
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— Ishaq Dar (@MIshaqDar50) March 2, 2023
due payments on time. Foreign commercial banks have started extending facilities to Pakistan. Our negotiations with IMF are about to conclude and we expect to sign Staff Level Agreement with IMF by next week. All economic indicators are slowly moving in the right direction. 2/2
— Ishaq Dar (@MIshaqDar50) March 2, 2023
