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Dar says Pakistan will not default and pay back $1Bn Sukuk Bonds in Dec

ISLAMABAD: Finance Minister Ishaq Dar said Pakistan will not face default and the government will pay back upcoming $1 billion Sukuk dollar bond payments in Dec 2022.

Addressing a press conference via video link from Islamabad, Dar dispelled rumours on Saturday pertaining to payment of $1bn on Dec 5 against the maturity of five-year sukuk, or Islamic bonds.

He said, “Pakistan never defaulted before. We will not even be close to default. Let me clear this categorically that the bond will be paid and even the upcoming payments.”

He said that rumours were baseless and meant to damage the image and economy of Pakistan.

He also said that petrol and diesel was available in adequate quantity in the country and there is no chance of shortage of fuel.

Addressing the issue of widening credit deficit swap, Dar urged the people not to spread “unsubstantiated news” regarding the risk factor.

The default risk of Pakistan measured by five-year credit-default swaps (CDS) — soared by 1,929 basis points to 7,550bps on November 17.

Finance Minister Dar repeatedly assured Sukuk payment on time, but the international market was not ready to rely on assurances as the country’s economy struggles to avoid default by borrowing more from the markets, donors, and banks.

Dar said: “Our international bonds have very small transactions and technically there should be no impact on them.”

He said people should refraim from speculation, adding such “irresponsible statements” would damage the country.

More to follow………………

Javed Mahmood
Written By

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.

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