Islamabad, 30 November 2022 (TDI): Federal Minister for Finance and Revenue of Pakistan, Mohammad Ishaq Dar held a meeting with a delegation of institutional investors at the Finance Division on Tuesday.

The delegation comprised Managing Director Khurram Sheikh and Alia Moubayed from Jefferies, and Mahmood Bukhari, CEO of K-trade.

Additionally, Vice President Luis Assad Simon Tamborrel from Goldman Sachs Asset Management was present. Portfolio Manager Carl Vermassen from Vontobel Asset Management also attended the meeting.

The delegation deliberated on the economic situation of Pakistan. They held a comprehensive discussion with the Finance Minister regarding the International Monetary Fund (IMF) program.

Read also: Report on the Pakistan – IMF Agreement

The discussion also revolved around flood-related expenditure, losses, market perception and outlook, and the external account situation.

Dar welcomed the delegation and assured them that the present government had taken all practical measures to facilitate the business environment in Pakistan.

He shared that Pakistan is gradually moving toward economic stability and it is high time to invest in Pakistan.

The Finance Minister further reiterated that the government aims to successfully complete the IMF program. It will repay the international bonds on time.

In this vein, Dar asserted, “The present government is committed to honoring all of the financial commitments made by Pakistan with national and international financial institutions.”

Ishaq Dar concluded the meeting by thanking the delegation for their positive response and support.

Notably, Special Assistant to Prime Minister (SAPM) on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, and other senior officers from Finance Division were representing Pakistan.

Foreign Debt of Pakistan

Recently, Central Bank released a report announcing an increase in the debt and liabilities of Pakistan. According to this, the debt reached Rs62.5 trillion at the end of September 2022, pushing the country into unchartered territory.

Read also: Stagflation affliction of Pakistani Economy

Similarly, the State Bank of Pakistan (SBP) also stated the country’s total liabilities, mainly government debt, surged by Rs12 trillion. It is 23.7% more than the previous year.

The government’s revised estimates show that the cost of debt servicing may cross Rs4.7 trillion, about Rs750 billion more than the budgeted figure.