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Pakistan will not go to Paris Club for rescheduling of loans in nation’s interest, says Ishaq Dar

Multilateral, international and bond obligations to be fulfilled; bonds will be paid in time: Finance Minister

Finance Minister Ishaq Dar has said that Pakistan will not go to the Paris Club for rescheduling of loans in the interest of the nation.

Ishaq Dar, while addressing a press conference in Islamabad said, “We have decided not to go to Paris Club,” further adding that it was decided after consultation with Prime Minister Shehbaz Sharif that it wasn’t in the nation’s interest to ask for a restructuring.

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The recently downgraded rating by Moody’s has raised concerns that Pakistan could default on foreign debts due to the balance of payment crisis and the economic turmoil.

The finance minister also said that Pakistan would fulfil its all multilateral, international and bond obligations. He showed a resolve that the bonds will be paid in time.

Talking about the maturity of Pakistan’s Eurobonds, which will mature in December, Dar said that the maturity will not be extended.

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The finance minister also showed resolve to abide by the agreement of the International Monetary Fund (IMF). He also spoke about the issue of LCs. He said that complaints related to LCs will be resolved, further adding that the State Bank of Pakistan (SBP) has provided data regarding delayed payment and LC up to $50,000 will be paid.

Ishaq Dar said that the coalition government will fulfil its responsibilities, but due to the previous government, the country has suffered problems.

During the last week, Moody’s downgraded Pakistan’s credit rating from B3 into so-called junk territory at Caa1, citing external risks and concerns about its ability to secure required financing to meet its needs in the next few years.

Last month, Prime Minister Shahbaz Sharif appealed to the Paris Club for a debt moratorium due to economic losses of up to $30 billion caused by the catastrophic floods that have affected around 33 million people in Pakistan.

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