Ishaq Dar Vows to Fulfill Financial Commitments Despite Looming Default Risk

The present government is committed to honoring all of its financial obligations and has indicated that it is high time for institutional investors to invest in Pakistan. Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of institutional investors at the Finance Division today. The delegation comprised Managing Director Khurram Sheikh and Alia Moubayed from Jefferies, Mahmood Ali Shah Bukhari – CEO of K-trade, Vice President Luis Assad Simon Tamborrel from Goldman Sachs Asset Management, Co-Chief Investment Officer James Edmon Craige from Stone Harbor Investment Partners, Portfolio Manager Carl Vermassen from Vontobel Asset Management. SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Special Secretary Finance, and other senior officers from Finance Division also attended the meeting. The delegation discussed the economic situation and outlook of the country. The delegation held a comprehensive discussion with the Finance Minister regarding the IMF program, flood-related expenditure and losses, market perception and outlook, as well as the external account situation. The Finance Minister welcomed the delegation and assured the delegation that the present government has taken all pragmatic measures to facilitate the business environment in Pakistan. He shared that Pakistan is slowly but gradually moving toward economic stability and it is high time to invest in Pakistan. It was shared that the reconstruction and rehabilitation phase will start in the coming months. The Finance Minister appreciated the friendly countries for their flood relief support. The Finance Minister further asserted that the present government aims to successfully complete the IMF program and shared that the government will repay the international bonds on time. Further, there was no plan to approach Paris Club. He further asserted that the present government is committed to honoring all of the financial commitments made by the present as well as previous governments with national and international financial institutions. In conclusion, the Finance Minister thanked the delegation for their positive response and support.