Islamabad (Web Desk): Federal Minister for Finance and Revenue Ishaq Dar says rumors that Pakistan may default are not only completely false but also belie the facts.
“Anti-Pakistan elements are spreading malicious rumors that Pakistan may default,” Dar said a series of tweets and added, “This is not only completely false but also belie the facts. SBP forex reserves have been increasing and are almost US $ 1 billion higher than four weeks ago despite making all external due payments on time.”
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“Foreign commercial banks have started extending facilities to Pakistan. Our negotiations with IMF are about to conclude and we expect to sign Staff Level Agreement with IMF by next week. All economic indicators are slowly moving in the right direction,” the minister further said.
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Pakistani rupee on Thursday hit a record low by plunging over Rs18.89 against the US dollar in interbank trade during the intra-day trading.
The rupee was trading at 285 against the dollar.
Meanwhile, in the open market, the local unit was trading at Rs292 to a dollar.
According to market experts, the main concern in the market was the delay in the agreement with IMF, however, the lender's condition to peg the currency rate with that of the grey market — also referred to as the Peshawar market — had triggered uncertainty.
