Finance Minister Ishaq Dar reiterated on Wednesday that there was no question of Pakistan going into default, as the risk has been averted.

“I want to give a message to markets through this conference that there is no need to get nervous, we are back to business and will arrange everything,” the minister said while addressing the All Pakistan Chartered Accountants Conference.

The finance minister said that there were serious challenges the country had been facing, however, the incumbent government rescued it from default although at a very high political cost.

Dar, while highlighting the magnitude of flood losses, remarked that international organizations have estimated the flood damage at a colossal $34.4 billion.

The country’s GDP is expected to rise by a meager 2 percent owing to the floods, he said.

The minister said that Pakistan needs $16.2 billion to support flood victims. To attract donors for the rehabilitation of flood victims and reconstruction of damaged infrastructure, a Donor Conference would be held next month, he said.

Commenting on the exchange rate, the minister said that the real value of the Pakistani Rupee lies below Rs. 200, and added that it is the responsibility of the State Bank of Pakistan (SBP) to control the exchange rate.

Talking to journalists afterward, the finance minister said that the government is actively pursuing the purchase of oil from Russia. He said that if India could benefit from buying Russian oil, Pakistan could as well.

The minister added that he has spoken to relevant quarters in Washington regarding the purchase of Russian oil and so far, there has been no resistance against it.

Source: Pro Pakistan