Rejecting all the rumours, Finance Minister Ishaq Dar on Saturday said there was no risk of default and shortage of petroleum products in the country, asking the people not to spread false and baseless reports.
Pakistan will not default and would meet its upcoming $1 billion dollar bond payments, Dar said, addressing a press conference via video link from Islamabad, and added that “baseless rumours are being spread on political goals.”
He said that there were rumours that the country would not be able to pay $1 billion on December 5 against the maturity of five-year sukuk, or Islamic bonds.
“We have never defaulted before. We will not even be close to default … Let me clear this categorically that the bond will be paid and there is no delay in this and even arrangements have been made in principle for upcoming payments in the next year,” he said.
Dar said that no one should worry about the rumours, claiming they were being spread seemingly for political purposes. “This is highly irresponsible behaviour,” he added.
The finance minister said that another rumour was spread about Pakistan’s credit default swap. “Our international bonds have very small transactions … and technically there should be no impact on them,” he added.
He said that people should desist from speculating about increased risk, saying that such “irresponsible statements” would hurt the country and should be avoided.