Islamabad December 2 2022: Pakistan is likely to receive USD 3 Billion from a friendly country as a deposit in next two weeks says finance minister Ishaq Dar.
“We are in negotiation with a friendly country for a safe deposit of USD 3 Billion and likely to get it in next two weeks. This will bridge the gap that we were targeting to arrange through commercial borrowing.” says finance minister while speaking to Geo News.
He added, ” we have to make external liabilities of USD 22 billion in this fiscal year out of which mostly are arranged. We will get rollover of USD 4 billion Chinese deposit which is due in this month while arrangements for USD 3 billion commercial loans due this month are also be in place. Moreover, we are curbing our imports to control our current account deficit which is expected to be USD 8 billion according to the recent trend.”
“Pakistan will not default on any of its payment. So far, we have met all our obligations as they become due and continue to fulfill are all future obligations on time.”
says Finance minister ishaq dar
There are number of other flows that are in pipeline such as USD 900 million expected flows from World Bank this month and USD 800 million for three projects which are in pipeline.
Regarding USD 1 billion bond payment he said ministry of finance has given the authority to State Bank of Pakistan for making payment of International sukuk bond 48 prior to its maturity on December 5 for which all arrangements are in place.
We are dealing with IMF program but not willing to take dictation from the board. We are assuring them that small shortfalls in tax collection, that may arise in future according to fund concerns, could be managed in the longer run and through non-tax revenue. We are committed to complete the program and will do it to restore our credibility as a responsible nation.
We are well aware of the mismatch in dollar parity between interbank and open market. To break this vicious cycle of currency circulation we are working with relevant parties so that dollar outflow could be controlled and trying to channelize imports from Afghanistan in rupee terms. Currency depreciation is never a solution for a country like Pakistan and i am not in favor of this, he added.
