ISLAMABAD: Ishaq Dar, Pakistan’s finance minister, denies the false rumors regarding a potential default on Pakistan’s debt on Thursday.
He said in a string of tweets that these rumours weren’t just wholly untrue, but also belied the truth. Despite paying all the due payments on time, the minister claimed that the State Bank of Pakistan’s foreign exchange holdings were growing and were now approximately $1 billion higher than they were four weeks ago.
He claimed that Pakistan had begun to receive facilities from foreign commercial banks. Ishaq Dar claimed the negotiations with IMF were close to complete and “we expect to sign Staff Level Agreement with IMF by next week”. All economic indices, according to the minister, are gradually going in the correct way.
The Pakistani rupee has fallen to an all-time low versus the US dollar as of the time of his remark. On the interbank market, the local currency declined 6.66% against the US dollar, ending the day at 285.09 as opposed to yesterday’s Rs266.11.