Pakistan wants rescheduling of US$27 billion debt, not its waiver: Ishaq Dar

WASHINGTON (92 News) - Finance Minister Ishaq Dar has said that Pakistan wants to reschedule the debt of 27 billion dollars of Paris Club, not its waiver.   

During an interview with the British media in Washington DC, Finance Minister Ishaq Dar ruled out the possibility of Pakistan defaulting on its debts.

He said that Pakistan needs US$32 billion for reconstruction after the recent devastating floods. "Pakistan considers rescheduling as the right thing to do instead of reducing the principal amount of the loan," he maintained.

The finance minister said that he sees the value of the rupee at a level of less than 200 against the dollar while not in favor of interfering in the fluctuation of the currency.

"All options including the possibility of borrowing have been discussed with the IMF. A default on the loan or an extension of the maturity date of the bonds due in December is unlikely," he added.