The government will not seek debt restructuring from Paris Club creditor nations, Finance Minister Ishaq Dar said on Sunday.
\nDismissing market rumours that the government might extend maturities for its bonds, Dar told a news conference in Islamabad that \u201cwe will fulfil all multilateral, international and bond obligations.\u201d
\nMoody\u2019s last week downgraded Pakistan\u2019s credit rating from B3 into so-called junk territory at Caa1, citing external risks and concerns about the country\u2019s ability to secure required financing to meet its needs in the next few years.
\nPrime Minister Shehbaz Sharif last month made an appeal to the Paris Club for a debt moratorium after the country\u2019s already struggling economy was hit by devastating floods that his government estimates will cause economic losses up to $30 billion.
\n\u201cWe have decided not to go to Paris Club,\u201d Dar said, adding that in consultation with PM Shehbaz it was decided that it wasn\u2019t in the nation\u2019s interest to ask for a restructuring.<\/p>\n","protected":false},"excerpt":{"rendered":"
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