Pakistan working with friendly countries to restructure loans: Ishaq Dar

Finance Minister Ishaq Dar stated that the coalition government is in talks with friendly countries to restructure loans as the crisis-hit economy struggles to recoup bailout monies.

In his remarks to the National Assembly on the deficit budget, the Minister stated that the federal government is working on debt restructuring and sovereign deposits, which will be rolled over in the near future.

A PML-N stalwart believed that if a government borrowed money, it should have returned it and that restructuring was not undesirable. Dar expressed optimism about improving financial flow, noting that the government is trying its best despite several challenges.

The Finance Minister presented an Rs14.5 trillion budget on Friday, with GDP growth projected at 3.5 percent. The entire expenditure for the 2018 fiscal year is Rs14.46 trillion, which is more than 50% higher than last year.

The fifth most populous country is facing a significant balance-of-payments problem, which has severely harmed the economy as it struggles to service crippling external debt, and a political impasse has also blocked possible foreign investment, exacerbating the situation.