Pakistan Won’t Default Even Without IMF: Dar

Finance Minister Ishaq Dar Thursday said that Pakistan will not default even if the stalled loan program with the International Monetary Fund (IMF) is not revived. Addressing the Islamabad Security Dialogue, the finance minister said that rumors about the country defaulting on its debt obligations should not be spread. The minister once again reiterated that Pakistan has taken all steps necessary to ensure the revival of the loan program. He mentioned that Pakistan has to make debt repayments of $3.7 billion till June, and assured that the country will fulfill all commitments on time. The minister also took aim at international rating agencies and said that they should not talk about Pakistan’s default. Earlier today, the IMF said that it remains engaged with Pakistan on securing funding and policy assurances with the goal of reaching an agreement on the ninth review of the $6.7 billion loan agreed in 2019. On Tuesday, Moody’s said Pakistan may default if it does not receive a bailout from the IMF as its financing options beyond June remain uncertain. According to the latest data released by the State Bank of Pakistan, on May 5, the foreign currency reserves held by the central were recorded at $4.383 billion.