Finance Minister Ishaq Dar stated Saudi Arabia will increase its deposits in Pakistan “within days, not weeks.”
The rupee continues to weaken against the US dollar, and forex reserves have dropped to historic lows, covering only a month’s imports.
Financial pundits say the country’s financial side will remain fragile until political stability exists.
The current government has sought to get the IMF program back on track and complete the ninth review, but the Fund and Islamabad have made no progress.
Dar said the government is dedicated to completing the latest evaluation and hopes to receive the loan soon.
The finance minister ruled out default despite Pakistan having to pay billions of dollars in loans in the next three months.
“[Our government] avoided bankruptcy. I’m sure Pakistan won’t default, “Dar, a former finance minister, remarked.
Finance Minister Dar said the government had cleared $100,000 in LCs for economic stability. “The government opened LCs for import industries.”
“We’ll refund all debts; don’t worry. [PDM] took power to save the state, not for politics, “He emphasized.
Dar criticized the PTI and Imran Khan, saying that due to the party’s governance, international rating agencies have degraded Pakistan.
Finance Minister Dar criticized the PTI for “deceiving” the populace with its economic “White Paper.”
The finance minister said the economy was “better” under PML-N than PTI.
In its document, the PTI said inflation had risen sharply in the past eight months, and all economic indices, including exports, FDI, and remittances, have declined.
