‘Pakistan in talks with friendly countries to get bilateral debts restructured’

ISLAMABAD – Finance Minister Ishaq Dar said the coalition government has been in talks with friendly nations to restructure loans as crisis hit country struggling to salvage bailout funds.

Sharing his views about the deficit budget in the National Assembly, the Minister said the federal government is working on debt restructuring and sovereign deposits, which will continue being rolled over in the near future.

PML-N stalwart was of the view that if any country borrowed money, it should have returned it, saying restructuring was not something negative. Dar was optimistic to improve cash flow, saying the government is doing its best despite multiple challenges.

On Friday, Finance Minister rolled out an Rs14.5 trillion budget, GDP growth has been budgeted at 3.5 percent. The total outlay of the upcoming fiscal year is Rs14.46 trillion, more than 50 percent higher than last year.

The fifth most populous nation is facing a massive balance-of-payments crisis which dented economy badly as it attempts to service crippling external debt, and political quagmire also hampered potential foreign investment which further worsens the condition.