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Pakistan will 'absolutely not' default on debts despite floods: Finance Minister

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Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people.

FILE PHOTO: Flood victims use boats to reach their villages, following rains and floods during the monsoon season in Sehwan, Pakistan, September 16, 2022. REUTERS/Akhtar Soomro

"But if we continue to take prudent decisions - and we will - then we're not going to default. Absolutely not." He said Pakistan will still be able to increase reserves by up to $4 billion, even if the floods hurt the current account balance by $4 billion in more imports, such as cotton, and a negative impact on exports.

Pakistan's next big payment - $1 billion in international bonds - is due in December, and Ismail said that payment would"absolutely" be met. The minister also said about $5 billion in investments from Qatar, the UAE and Saudi Arabia would materialise in the current financial year.

 

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