Dar acknowledges ongoing dollar smuggling

Islamabad: Finance Minister Ishaq Dar, speaking at a session of the NA standing committee on finance, admitted that the smuggling of dollars still persists, although efforts are being made to curb these illicit activities.

The finance minister emphasized that the recent political changes in Afghanistan have contributed to a decrease in the outflow of millions of dollars.

Minister Dar further revealed that robust measures have resulted in the thwarting of a $20 million attempt to smuggle foreign currency, along with the interception of a significant sugar smuggling operation worth 5 billion dollars.

Regarding concerns surrounding diminishing foreign reserves, Dar disclosed that China has agreed to refinance the recent payment of $1.30 billion, which was made to settle a Chinese loan. He also mentioned ongoing negotiations with Beijing for a potential $2 billion dollar swap.

In another development, a Moody's Investor Service analyst, in an interview with Bloomberg, expressed apprehensions about Pakistan's financial situation, suggesting a potential risk of default. The analyst also highlighted the possibility that Pakistan may not be able to meet the June 30 deadline for completing its current IMF loan program.