ISLAMABAD: Despite admitting fiscal challenges faced by Pakistan, Prime Minister Shahid Khaqan Abbasi said we would not devalue the rupee or seek help from the International Monetary Fund (IMF) to address challenges faced by the economy.
“We have discussed devaluation but it’s not on the cards,” Abbasi said. “There has been a slight decline in the rupee but that’s market-based. In fact, because we are linked to the dollar and the dollar is weaker today, there has been a certain devaluation … compared to the other currencies,” he told in an interview with Arab News.
“Economies have also slowed down in the Gulf, where most of our remittances used to come from.
“There has been a decline in the reserves but hopefully the last two months show an improving trend and the numbers for September will come in… and we expect to resolve that issue within our resources and not have to resort to the IMF. I don’t think the IMF program is something that we intend to pursue.”