Pakistan will ‘absolutely not’ default on debt obligations

Despite the horrendous floods, Pakistan’s Finance Minister, Miftah Ismail, confirmed he will not deviate from his obligations.

On Sunday, September 18, the Finance Minister told Reuters: “The path to stability was narrow, given the challenging environment, and it has become narrower still.”

“But if we continue to take prudent decisions, and we will, then we’re not going to default. Absolutely not.”

The Finance Minister added: “Yes, there has been a substantial loss to the very poorest people and their lives will never be made whole again.”

“But in terms of servicing our external and local debt, and being micro- macro-economically stable, those things are under control.”

The devastating floods have killed over 1500 people, they have affected 33 million Pakistanis and created billions of pounds worth of damage.

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