ISLAMABAD
\nFederal Minister for Finance and Revenue, Mohammad Ishaq Dar said that Pakistan would seek rescheduling of some $27 billion worth of non-Paris Club debt largely owed to China, but will not pursue haircuts as part of any restructuring.
\nIn an interview with British News Agency, Reuters, the minister ruled out the possibility of a default on Pakistan\u2019s debt, an extension of the maturity date on bonds due in December or a renegotiation of Pakistan\u2019s current International Monetary Fund (IMF) program.
\nHe said multilateral development banks and international donors have been \u201cquite flexible\u201d with ways to meet Pakistan\u2019s external financing needs estimated at about $32 billion after devastating floods.
\nSome of this may come from reallocating funds from previously approved, slower-disbursing development loans, he added.
\nDar, who is participating in the IMF and World Bank (WB) annual meetings, said that Pakistan will seek restructuring on equal terms for all bilateral creditors.
\nOn currency, the finance minister said Pakistan has not engaged in physical intervention in the currency, which has been battered this year by a strong U.S. dollar, but which has rallied some 10% since his appointment. Dar said that he views the \u201ctrue value\u201d of the rupee at a level under 200 to the dollar. It last traded at 219.
\n\u201cI am for a stable currency, I am for a realistic rate. I am for market-based, but not subject to a currency being taken hostage\u201d and making speculators billions of dollars, he added.
\nTo a question on whether he discussed with IMF officials the possibility of borrowing from the Fund\u2019s new Resilience and Sustainability Trust for middle-income countries, Dar said \u201cWe have discussed all options.\u201d
\nHe said IMF\u2019s new emergency \u201cfood shock\u201d borrowing window may also be a good fit for the country, which has lost crops due to devastating floods and may need to import up to half million of tons of wheat in the next year.
\n\u201cIn this scenario, we have the possibility to approaching and accessing this facility,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Federal Minister for Finance and Revenue, Mohammad Ishaq Dar said that Pakistan would seek rescheduling of some $27 billion worth of non-Paris Club debt largely owed to China, but will not pursue haircuts as part of any restructuring. In an interview with British News Agency, Reuters, the minister ruled out the possibility of a […]<\/p>\n","protected":false},"author":2,"featured_media":288622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1925,20],"class_list":{"0":"post-289490","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-ishaq-dar","9":"tag-pakistan"},"yoast_head":"\n