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Pakistan will not default, Dar assures investors while conceding economy in ‘tight position’



  • Ishaq Dar advises PSX investors to not listen to rumours. 
  • Calls investors to share that Pakistan will not default.
  • Slams opposition for trying to create panic.

Finance Minister Ishaq Dar on Wednesday assured investors at the Pakistan Stock Exchange (PSX) that the country will not default but did admit that the economy was in a “tight position”.

In his address, the finance czar said he always believed that Pakistan has a prosperous future and “resilience” in its economy. However, he lamented that it was unfortunate that the country has been brought to a point where it should not be.

“It’s been three months since I took charge and we listen every day that there is going to be a default. How will there be a default? There is no chance that Pakistan will default,” the finance minister assured the investors.

Dar assured that Pakistan would survive and is managing itself but conceded that the economy was in a “tight position”.

He added that the country does not have the $24 billion reserves that the Pakistan Muslim League-Nawaz (PML-N) left in 2016 but that was not his fault.

“The fault is in the system and we must ensure Pakistan goes forward,” said the finance minister.

Dar said that as soon as the country’s bond payments came close a “rhetoric” was started that Pakistan will not be able to fulfill its commitment. He added that despite the payment of the bonds the “pseudo-intellectuals” kept claiming.

The rumours were started by the same people who brought Pakistan to this point, he lamented.

“Be conscious, do not listen to them. Disseminate information that Pakistan will not default. I can prove to anyone that Pakistan will not default,” the finance minister maintained.

The finance czar said that for “petty politics and objectives” the country was being harmed.

To prove his point, the finance minister said that Pakistan’s debt-to-GDP ratio is currently 72% while it was 62% when he left the charge in his last stint.

He also gave examples of other countries to further prove his point by saying that the US’s debt-to-GDP ratio is 110%, Japan’s is 257% and UK’s after COVID is 101%.

“I can give you data of dozens of developed countries who are above 100% but I don’t see an alarm there all the time that we are under the debt trap or difficulty. Unfortunately, we are our own worst enemy,” said the finance minister.

Dar told the investors that they have a big role to play and urged them to allocate some time to Pakistan apart from their businesses. He added that everyone needs to work together.

Turning his guns towards the government’s arch-rival, Pakistan Tehreek-e-Insaf (PTI), Dar lamented that the Securities and Exchange Commission of Pakistan (SECP) was neglected during former prime minister Imran Khan’s tenure.

The finance minister added that they focused on the PSX and the SECP when they came to power and made things transparent.

He added that the PTI government had not appointed three directors at the SECP and they filled the positions once they took over. He added that there was a need to focus on the corporate sector.


The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.




The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

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Fly Jinnah opens a new route internationally.




Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

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Tajir Dost app: traders don’t seem interested in registering




To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”

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