Federal Finance Minister Ishaq Dar has ruleout d the possibility of Pakistan defaulting on its debt.
\nIn an interview with international media, Federal Finance Minister Ishaq Dar, who is in the US for annual meetings of the International Monetary Fund and the World Bank said that Pakistan will try to get the bilateral debt worth around $27 billion rescheduled. This is the money that the country owes to non-Paris Club countries of this, Pakistan owes $23 billion to China.
\nIshaq Dar said that the government will seek restructuring on equal terms for all bilateral creditors.
\nThe minister said that since the devastating floods, the international financial institutions have been \u201cquite flexible\u201d to help Pakistan with its external financing needs which have jumped to $32 billion
\nDar revealed that during his meeting with the IMF officials, they discussed all the options including exploring the IMF\u2019s new Resilience and Sustainability Trust for middle-income countries.
\nReferring to monster floods that Pakistan has ravaged Pakistan and destroyed crops standing on millions of acres of land, the minister said that there\u2019s a possibility that Pakistan might approach and access the IMF\u2019s new emergency \u201cfood shock\u201d borrowing window.
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