Dar rejects default rumours, says IMF agreement expected next week
ISLAMABAD: Pakistan’s negotiations with the International Monetary Fund (IMF) are about to conclude and Staff Level Agreement with the fund is expected next week, Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said here on Thursday.
In a tweet, the finance minister said some Anti-Pakistan elements were spreading malicious rumours that Pakistan may default.He said, these rumours were not only completely false but also belie the facts.
The State Bank of Pakistan’s (SBP) foreign exchange reserves have been increasing and are almost US $ 1 billion higher than four weeks ago despite making all external due payments on time, he added.
The finance minister said, the foreign commercial banks have started extending facilities to Pakistan.
Anti-Pakistan elements are spreading malicious rumors that Pakistan may default. 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… 1/2
— Ishaq Dar (@MIshaqDar50) March 2, 2023
The minister’s statement came as the rupee slumped to a historic low of 285.09 against the dollar and experts blamed the stalled IMF deal for the deteriorating economy.