Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Good Fortune trailer
    Videos

    First Trailer for Aziz Ansari’s Good Fortune, Starring Keanu Reeves

    May 29, 2025 2 Min Read
    Last of Us Season 2
    Videos

    ‘The Last of Us’ Season 2 Premieres Date What to Expect From HBO’s Hit Series

    April 13, 2025 2 Min Read
    Disney Snow White box office
    Videos

    Snow White Teaser Drops: Gal Gadot and Rachel Zegler Shine

    February 22, 2025 1 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Pakistan Will Not Default, Regardless of IMF Loan Status, Assures Finance Minister
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
Pakistan, IMF, Ishaq Dar, Debt, Default, Finance Minister, Economic Crisis, Foreign Exchange Reserves, IMF Loan
PhotoNews Pakistan > Pakistan > Pakistan Will Not Default, Regardless of IMF Loan Status, Assures Finance Minister
Pakistan

Pakistan Will Not Default, Regardless of IMF Loan Status, Assures Finance Minister

Web Desk
By Web Desk Published May 12, 2023 3 Min Read
Share
SHARE

Finance and Revenue Minister Ishaq Dar, on Thursday, adamantly declared that Pakistan would not fall into default, irrespective of the status of its stagnant loan program with the International Monetary Fund (IMF).

At the Islamabad Security Dialogue, Dar addressed the persistent holdup in signing a staff-level agreement (SLA) with the IMF to release a critical economic bailout. This comes on the heels of a cautionary note from Moody’s Investor Service earlier this week, expressing that without an IMF program, Pakistan’s foreign exchange reserves, currently at a “very weak” level, could push the country towards default. Similarly, Fitch Ratings warned of a default or debt restructuring looming large as a real risk for Pakistan.

Read: Pakistan Faces Default Risk Without IMF Program: Moody’s Warning

However, Dar dismissed these concerns as mere “rumors,” reinforcing that Pakistan would not fall into default regardless of the outcome with the IMF. He asserted that the country had met all prerequisites and taken the necessary steps toward finalizing an agreement with the IMF to revive the frozen loan program.

“Internationally, people are astounded by how Pakistan is managing,” Dar stated, calling for an end to “unjust” international politics against Pakistan.

He further shared that Pakistan had debts amounting to $3.7 billion due by June, reassuring that the country would fulfill all commitments and make timely payments. Despite the “gap” in the external account discussion with the IMF that ended on February 9, he emphasized that Pakistan would punctually make its external debt repayments in May and June.

Dar urged international rating agencies to cease discussions on Pakistan’s potential default, mentioning that financing for payments in the current fiscal year will be arranged with the help of friendly nations.

Read: Pakistan’s Economic Quandary: IMF Calls for ‘Significant Additional Financing

Pakistan has been in protracted negotiations to reboot a $6.5 billion bailout with the IMF for about six months. Its foreign exchange reserves are strained, currently providing nearly one month of import cover. However, the country has procured financial support from Middle Eastern countries and China, fulfilling an important IMF condition.

As the country grapples with an economic crisis, with inflation peaking at a historic 36.4% – the highest in South Asia, and an intense political feud with former prime minister Imran Khan, the government has lifted caps on the exchange rate, introduced taxes, high energy tariffs, and cut back subsidies in a bid to unlock IMF funding. Key interest rates have also been hiked to a record 21%.

Despite the precarious state of Pakistan’s foreign reserves, Dar’s firm assurances that the country will not default persist, though analysts are increasingly skeptical given the critical level of the reserves.

TAGGED:Featured
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

Dead Take 2025 psychological horror

Dead Take: Surgent Studios’ Psychological Horror Game Set for 2025 Release

Ayatollah Ali Khamenei Iran Nuclear Talks

Iran’s Khamenei Rejects US Nuclear Deal, Defends Uranium Enrichment

Adolescence

Adolescence Becomes Netflix’s Second Biggest English TV Series

Malir Jail Karachi Prisoner Escape

Sindh Orders Arrest of Malir Jail Constable in Massive Jailbreak Probe

Punjab solar panel guidelines 2025

Punjab Issues Solar Panel Installation Guidelines Amid Net Metering Cuts

Post Archives

More Popular from Photonews

Samsung Galaxy S26 Perplexity
Tech

Samsung Galaxy S26 to Feature Perplexity AI App in Major 2025 Deal

3 Min Read
DeepSeek R1-0528 AI
Tech

DeepSeek’s R1-0528 Surpasses Alibaba, Matches OpenAI in AI Breakthrough

2 Min Read
Jasprit Bumrah gesture IPL 2025
Sports

Jasprit Bumrah’s Relax Gesture to Coach Jayawardene Steals Spotlight

2 Min Read
Sports

Noor Zaman Makes History, Qualifies for British Open Main Draw 2025

Pakistani squash sensation Noor Zaman clinched a historic spot in the main draw of the British…

May 30, 2025
Pakistan

Islamabad High Court to Hear Imran Khan and Bushra Bibi’s Appeals

On May 29, 2025, the Islamabad High Court (IHC) announced that a division bench will hear…

May 29, 2025
Pakistan

Gold Prices Drop Rs 700 Per Tola in Pakistan, Rise in Saudi Arabia

On Friday, May 30, 2025, the All Pakistan Sarafa Gems and Jewellers Association reported a Rs…

May 31, 2025
Business

SBP Clarifies Crypto Stance, Announces Strategic Bitcoin Reserve

The State Bank of Pakistan (SBP) clarified that its 2018 advisory did not deem cryptocurrencies illegal…

May 31, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?