Pakistan to Get $3 Billion Deposit from a Friendly Country in Next Two Weeks: Dar

Finance Minister Ishaq Dar Friday said that Pakistan will likely receive up to $3 billion in the form of a deposit from a friendly country.

Speaking on a television talk show, the finance minister without naming the country said that the deposit would be received within the next two weeks.

Commenting on Pakistan’s dwindling reserves and upcoming bond payment, the minister said that the country will repay a $1 billion International Sukuk bond on Saturday (tomorrow) and the State Bank of Pakistan (SBP) has been authorized to make the payment.

Dar said that despite the bond payment he expects the country’s central bank reserves to be above $9 billion within the next two weeks.

The minister assured that Pakistan will not default and will fulfill all its financial commitments. He said that Pakistan will secure the external financing it needs for the current fiscal year.

Talks with IMF

Asked about the delay in the ninth review, the minister said that Pakistan has achieved all its targets needed for the review. However, the minister expressed frustration at the tough conditions of the International Monetary Fund (IMF) and even went to the extent of saying that he cannot beg the Fund to finalize a schedule for formal talks on the ninth review.

The finance minister said that he had a phadda [sic] with the IMF officials over the increase in petroleum prices as he did not want to burden the public.

Dar however emphasized that Pakistan will complete the IMF program as it is vital to ensure assistance from other international financial institutions and friendly countries.



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