Senator Ishaq Dar, minister of finance and revenue, said on Wednesday that Saudi Arabia will increase its deposits in Pakistan “within a matter of days, not weeks,” as the nation struggles to overcome an economic crisis.
Pakistan’s foreign exchange reserves have fallen to historic lows, covering just a month’s worth of imports, and the depreciation of the rupee versus the US dollar has prompted this announcement.
Since the previous government’s removal, financial experts have voiced fears that the country’s financial side would remain vulnerable without political stability.
The present government has been working to restore the IMF programme and conclude the ninth review, but negotiations between the IMF and Islamabad have so far been unsuccessful.
Dar, appearing at a news conference in Islamabad with federal ministers today, reaffirmed the government’s commitment to completing the current review and expressed optimism that the loan will soon be disbursed.
In spite of the dire circumstances, Pakistan is committed to paying back billions of dollars in loans over the course of the next three months, and the finance minister has vowed that the country would not fail on its international responsibilities.
“Without [our government], we would have gone into default. And I can declare with absolute assurance that Pakistan would never default “Dar, who has handled the portfolio of finance many times, said.
Finance Minister Ishaq Dar has said that the government is working to ensure economic stability and has already processed LCs totalling $100,000. The LCs needed by the import sectors have also been made available by the government.
“We have promised to pay back all of our debts, so no one need be concerned. In order to save the state, [the PDM] ascended to power, not for political purposes “as the Minister of Finance emphasised.