Minister for Commerce Syed Naveed Qamar Monday rejected rumours related to Pakistan’s default risk, saying the “country has never defaulted and it will not happen in future,” Radio Pakistan reported.
Talking to the media in Tando Muhammad Khan, the minister admitted that Pakistan’s foreign exchange reserves are under pressure, adding that few consignments have been stopped at the port due to this reason.
Naveed Qamar blamed Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan for bringing the country to the verge of financial collapse during his government.
The statement comes hours after the Asian Development Bank (ADB) approved a $554 million financing package, including new and reallocated funds, to support recovery and reconstruction efforts following this year’s devastating floods.
The Manila-based lender on Monday said in a statement that the funding would also be utilised to strengthen Pakistan’s disaster and climate resilience.
“The financing, which includes a $475 million loan and a $3 million technical assistance grant from the Asian Development Bank (ADB), and a $5 million grant from the Government of Japan, will support the restoration of irrigation, drainage, flood risk management, on-farm water management, and transport infrastructure in the flood-affected provinces of Balochistan, Khyber Pakhtunkhwa, and Sindh,” read the statement.
