Ishaq Dar: less than 10% Probability of Pakistan’s default as per Bloomberg’s analysis. And continue to honor all of its financial commitments on time.
Finance Minister said, “Bloomberg pitches Pakistan’s one-year probability of default at a low of 10% as opposed to a highly dubious number of 93% spread by a corrupt local political leader a few days ago.”
“Pakistan will InshaAllah continue to honour its all financial commitments on time,” he added.
A few days ago, Dar ruled out the risk of default and shortage of fuel reserves. Calling the rumors ‘baseless rumours spread on political goals’
Addressing a press conference via video link, the finance minister had noted that he was aware of rumours that the country would be unable to pay $1 billion in December. Beside the maturity of the five-year Sukuk, or Islamic bonds.
Ishaq Dar had assured that Pakistan would not default and would be able to meet its future $1-billion-dollar bond payments in December. “We have never defaulted before. The bond paid and even arrangements made in principal for future payments in the next year,” he added.
“Such baseless rumours for political gains irresponsible,” The finance minister continued, adding that such statements against Pakistan’s economy were beside the country’s interest.
Speaking about the rumours about shortage of fuel reserves. Dar said Pakistan has sufficient reserves of petrol and diesel and such rumors are baseless.
The minister said that another rumour spread about Pakistan’s Credit Default Swap and that the risk for repayment had increased to 75 percent. “Our international bonds very small transactions and technically no impact on them,” he added.
He finished by advice the people to think for Pakistan beyond their political links and avoid rumors.