Ishaq Dar admits smuggling of dollars still taking place

ISLAMABAD: Minister for Finance and Revenue Ishaq Dar on Friday admitted the smuggling of dollars is still going on, ARY News reported. 

Speaking in the NA standing committee on finance, Ishaq Dar said the flight of dollars from Pakistan has slowed down but is still on.

The finance minister said after the political change in Afghanistan, the transfer of millions of dollars from Europe is seized.

He said the smuggling of foreign currency worth $20 million dollar was foiled, while sugar smuggling worth 5 billion was also caught.

Commenting on the diminishing foreign reserves of the country, Dar said $1.30 billion recently paid to settle a Chinese loan will be refinanced by China today or Monday.

Read more: SBP’s foreign exchange reserves ‘fall below $3bn’ after Chinese loan payment

“SBP will receive $1.30 billion from China today or Monday,” Ishaq Dar said and added that talks for a $2 billion dollar swap were also underway with Beijing.

It may be noted that earlier this week, the State Bank of Pakistan paid back $1.30 billion Chinese loan after which its reserves fell below $3 billion.

Meanwhile, an analyst of Moody’s Investor Service in an interview with Bloomberg said Pakistan is heading towards ‘default’ and added Pakistan cannot complete the current IMF loan program until June 30.