Minister for Finance and Revenue, Ishaq Dar, reassured on Thursday that Pakistan would not default on its financial obligations, even if the country’s stalled loan program with the International Monetary Fund (IMF) was not revived.
During his address at the Islamabad Security Dialogue, Dar acknowledged the delay in signing a staff-level agreement with the IMF for the release of a crucial economic bailout.
Moody’s Investor Service had previously warned that Pakistan could face default without an IMF program due to its weak foreign exchange reserves. Similarly, Fitch Ratings had expressed concerns about the possibility of default or debt restructuring.
However, Dar dismissed the spread of “rumors” regarding Pakistan’s default and emphasized the country’s commitment to meeting its debt obligations. He stated that Pakistan would not default, with or without an agreement with the IMF. Dar further highlighted that Pakistan had fulfilled all conditions and taken necessary steps towards reaching an agreement to revive the stalled loan program.
Addressing international politics, Dar called for an end to injustices against Pakistan and noted the admiration from abroad regarding Pakistan’s management despite the challenges. He also mentioned that Pakistan had to pay debts totaling $3.7 billion by June and assured that the country would fulfill all promises and make timely payments.
