Talks with friends for fresh loans progressing: Aisha Pasha

Snubbing sovereign default possibility, Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha on Thursday said the discussions with China and Saudi Arabia were continuing for inflows of $3 billion each and the government was also in contact with International Monetary Fund (IMF) for a bailout. Talking to journalists after a meeting of the Senate Standing Committee on Finance and Revenue, Dr Pasha said there was no possibility of Pakistan’s default whatsoever. She said the IMF staff was currently on annual holidays but Finance Minister Ishaq Dar has meetings with the fund authorities during the upcoming donor’s conference scheduled to begin on Jan 9 in Geneva. She said Pakistan would honour all its external payment obligations. Earlier, the minister while responding to difficulties faced by investors on opening letters of credit for imports told the committee that the restrictions had been in place because of economic challenges but were being gradually eased.