Pakistan never defaults on external payments; will pay $1 billion in bonds on time: FM – Mettis Global Link

Nov 19, 2022 (MLN): Finance Minister Ishaq Dar told the nation on Saturday that Pakistan will not default on its external payments and will meet its upcoming $1 billion Sukuk bond payments arriving at due 5 Dec 22.

“All the rumors spreading around the country about defaults, external payment difficulties, credit default swaps and fuel shortages are politically motivated,” Dar told a news conference by Saturday video.

Dar said: “It’s a massive injustice with Pakistan”, the country will not default and all these rumors spread on a political basis regarding the Credit Default Swap (CDS), are useless.

He further added that another rumor spread about CDS that it was 5% and now 75% and the country is facing a high risk of default which is unfounded.

Talking about the fuel reserves in the country, he said that Pakistan has enough petrol and diesel reserves and speculations about it should be avoided.

Ishaq Dar said there were still rumors about the current account deficit. Current accounts are closely monitored and professionally managed, he added, the current account deficit was $316 million in September, down from $400 million in October.

“That is to say, at the end of the fiscal year, the current account deficit is expected to be $5 billion, while the deficit target for the current fiscal year is $12 billion. The current account deficit is expected to remain below target,” he added.

Ishaq Dar urged people to think for Pakistan beyond their political affiliations and avoid speculation.

Copyright Mettis Link News

Published on:2022-11-19T21:21:18+05:00

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