ISLAMABAD – Finance Minister Ishaq Dar on Thursday rubbished the maliciousrumours about Pakistan’s possible default.
In a series of tweets, he said these rumours were not only completely falsebut also belied the facts. The minister said forex reserves held by theState Bank of Pakistan had increasing and were almost $1billion higher thanfour weeks ago despite making all external due payments on time.
He said foreign commercial banks have started extending facilities toPakistan. Ishaq Dar said the negotiations with IMF were about to concludeand “we expect to sign Staff Level Agreement with IMF by next week”. Theminister said all economic indicators are slowly moving in the rightdirection.
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His statement comes as the Pakistani rupee slumped to all-time low againstthe US dollar. The local currency lost 6.66% against the US dollar in theinterbank market, settling at 285.09 as compared to yesterday’s Rs266.11
