Business
Ishaq Dar assures Pakistan will not default
Finance Minister Ishaq Dar said that all political parties must unite for the national interest.
Islamabad: Finance Minister Ishaq Dar has stated that the world wished to see Pakistan default, but all arrangements have been completed, and timely external payments will be made.
Addressing the Senate session, the Finance Minister asserted that Pakistan will not default and will fulfill all its international obligations responsibly.
He also mentioned that a plan was ready to move forward without the IMF program.
Ishaq Dar emphasized that the foreign exchange reserves are improving with time.
Currently, Pakistan's foreign exchange reserves stand at $14 billion, and substantial cooperation has been received from Saudi Arabia and UAE, besides China.
He revealed that the Bank of China made repayments of $600 million, and China rolled over another $2 billion in loans.
Additionally, six commercial banks returned $5.5 billion within six months.
The 10th-anniversary celebrations of CPEC are being observed, and the Chinese Deputy Prime Minister will arrive in Pakistan tonight.
The Finance Minister stressed the importance of united efforts to steer the country out of the economic crisis for the greater benefit of the nation.
All political parties must stand together in this crucial time.