Ahsan Iqbal rules out default possibility

Says Pakistan’s economy has strong footings

ISLAMABAD:

Planning Minister Ahsan Iqbal has said despite economic challenges, Pakistan was not defaulting in any case.

“Although we are facing economic challenges, there is zero percent chance of defaulting”, Ahsan Iqbal said while talking to British Broadcasting Corporation (BBC) on Thursday night.

The minister said Pakistan’s economy had strong footings and it would come out of crisis very soon.

Speaking about the flood damages in Pakistan, Ahsan Iqbal said over 1700 people died across the country during the torrential rains and floods last year.

More than 9 million people slipped below poverty line while over 8 million people were facing malnutrition due to the devastating floods and rains, he added.

He informed the British broadcaster that in the Geneva Conference held earlier this week, the international community and the development partners had pledged support of over $10 billion to help Pakistan recover from the damages caused by the floods.

He said the rehabilitation and reconstruction process was continued in the flood hit areas across the country. However, he added, the complete recovery would take two to three years’ time.

To a question, the minister explained that the government had prepared a three years’ agenda for revival of the flood affected people.

He said that the government would provide 50 percent of total expenses in the rehabilitation and reconstruction process from its own resources. “Rest of the funding gap will be bridged by the pledges made during the Geneva Conference,” he added.

Pakistan on Monday secured over $10 billion pledges from the international financial institutions, donor agencies and development partners for the rehabilitation, recovery and reconstruction of flood affected areas, during an International Conference on Climate Resilience.

Ahsan Iqbal said Pakistan would complete the reconstruction process with the help of international community and the development partners.