Ishaq Dar, Minister of Finance and Revenue, pledged on Thursday that Pakistan would not default on its financial obligations, even if the country's dormant loan programme with the International Monetary Fund (IMF) was not restarted.
Dar recognised the delay in completing a staff-level agreement with the IMF for the delivery of a critical economic bailout during his speech at the Islamabad Security Dialogue.
Moody's Investor Service earlier cautioned that without an IMF programme, Pakistan could risk default due to insufficient foreign exchange reserves. Similarly, Fitch Ratings was concerned about the likelihood of a default or debt restructure.
Dar, on the other hand, refuted "rumours" about Pakistan's default and emphasised the country's commitment to meeting its debt obligations. He maintained that Pakistan would not default, whether or not an agreement with the IMF was reached. Dar went on to say that Pakistan had met all of the parameters and taken all of the necessary procedures to resurrect the delayed credit programme.
Addressing foreign politics, Dar called for an end to injustices against Pakistan and underlined that, despite the obstacles, Pakistan's administration is admired around the world. He also noted that Pakistan needed to pay $3.7 billion in debts by June and pledged that the country would keep all promises and make timely payments.
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