Pakistan's Finance Minister Miftah Ismail said on Sunday that despite the devastating floods in the country, we can repay the debt. He said that even after the unprecedented floods in the country, Pakistan will not default on its debt obligations. Heavy floods have caused massive destruction in Pakistan. More than 33 million people have been affected by floods in the country, causing billions of dollars in damage and more than 1,500 deaths across the country so far. After this, there is talk that Pakistan will lag in repaying the debt.
Pakistan able to repay the debt
"Given the challenging environment, the road to stability in the country was already a bit difficult and it has become even more difficult," Finance Minister Miftah Ismail told Reuters news agency. “If we take any decision carefully, we will not default in repaying the loan,” he said. Of course not.' He said that it is due to tough policy decisions that Pakistan has been able to win the trust of the International Monetary Fund (IMF) after several months and has been able to bring the IMF program back on track.
Emphasis on increasing foreign exchange reserves
The Finance Minister said that despite the floods in Pakistan, most of the stabilization policies and targets are still on track, including increasing the depleting foreign exchange reserves. He added that despite receiving $1.12 billion in IMF funding at the end of August, the central bank's reserves stood at $8.6 billion, enough for just one month's worth of imports. He said that Pakistan would still be able to increase reserves by $4 billion. He estimated that the current account deficit would not exceed $2 billion after the floods.
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