Finance Minister Ishaq Dar Friday reiterated that Pakistan will continue to honor all of its financial commitments on time.
In a tweet, the finance minister also shared a purported infographic from Bloomberg about estimated default probability in emerging markets and said that the outlet has pitched Pakistan’s one-year probability of default at a low of 10 percent.
#Bloomberg pitches Pakistan’s one year probability of default at a low of 10% as opposed to a highly dubious number of 93% circulated by an unscrupulous local political leader a few days ago.
Pakistan will inshaAllah continue to honor its all financial commitments on time! pic.twitter.com/XPbAH7unEh
— Ishaq Dar (@MIshaqDar50) November 25, 2022
The minister also criticized a “highly dubious number of 93% circulated by an unscrupulous local political leader a few days ago”.
The minister was likely referring to Pakistani five-year bond’s credit default swap (CDS) that surged to 93 percent on Monday ahead of the repayment of the $1 billion International Sukuk bond maturing on December 5.
However, many were quick to point out to the minister that there’s little relevance between the five-year bond’s credit default swap and the one-year probability of default.
More importantly, on Friday, State Bank of Pakistan (SBP) Governor Jameel Ahmad said that Pakistan will repay the $1 billion International Sukuk bond three days before its due date.
Again a factually wrong headline to generate panic and fear.
Dar, only quoted a Bloomberg chart. Why is it that ProPakistani, is publishing such pathetic headlines to get clicks.
Aamir Atta are you awake or sleeping.
This will be reported to PEMRA.
True, the content only published for clickbait.