ISLAMABAD: Finance Minister Ishaq Dar said Pakistan will manage conveniently around $34 billion in external financing in the fiscal year 2023.
He said, “The total borrowing requirement for the ongoing fiscal year is about $32-34 billion _ $22 billion liabilities due to the multilateral, and $12 billion deficit.”
“I assure you that you don’t need to worry. We will get that,” Minister told journalists.
Dar also said, “Pakistan’s $1 billion worth of Eurobond will mature in December as scheduled and it will be paid timely.”
He confidently said that there was no need to be nervous and the country will not default.
A few days ago, Ishaq Dar participated in the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, where he also met credit rating agencies and US administration officials.
On Oct 6, Moody’s reduced Pakistan’s sovereign credit rating to Caa1 from B3, saying it was because of increased government liquidity and external vulnerability risks following the floods.
When questioned about his freedom to take important economic decisions, Dar said had he not been free to do that, he would never have taken up this challenge.
He said it was the State Bank of Pakistan’s responsibility to control the rate of the dollar, which it was dispensing efficiently, adding, the good news was likely around the corner.
“Dollar’s real level was under 200 rupees.”
I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.
