Finance Minister Ishaq Dar reaffirmed that the US dollar will be devalued to below Rs 200 and gave stakeholders the assurance that the government was in a “solvent state,” fully able to meet its obligations under domestic and foreign debt.
On Saturday, Ishaq Dar met twice with the CEOs of big exchange companies and commercial banks.
Senior members of the Finance Division of the central bank as well as Special Assistant to the Prime Minister (SAPM) on Finance, Tariq Bajwa and Revenue SAPM Tariq Pasha attended the discussions.
Dar reviewed the government’s aims with the bank CEOs during the meeting, and he reaffirmed his commitment to ensuring stable fiscal and economic policies.
The country’s financial status is “totally solvent,” the finance minister assured the banks, and the government is dedicated to upholding its domestic and international obligations.
In highlighting the general economic outlook, he claimed that the nation’s economy was on a trajectory due to the current administration’s realistic and far-sighted initiatives.
The minister issued a warning to the currency smugglers in his meeting with the leaders of exchange companies, asking them not to stockpile or trade dollars.
The meetings have taken place just before Dar is due to leave China on November 1 with a number of proposals, including a request for a loan rollover to assist Pakistan in temporarily avoiding a default-like situation.
Pakistan, which is attempting to close its fiscal imbalances, is appealing to foreign creditors to help stabilize the economy.