Miftah Ismail: Pakistan is not at risk of default.

Pakistan’s potential default has been ruled out, according to federal finance minister Miftah Ismail, who noted that the current administration has kept the nation out of danger.

Imran Khan, the leader of Pakistan Tehreek-e-Insaf (PTI), put the nation at risk of default, the minister claimed in a Monday interview on the Geo News programme “Aaj Shahzeb Khanzada Kay Sath.”

But right now, there is no risk of default, he added.

Flash floods made the [economic] situation worse, but we will effectively manage the economy and there won’t be any threats to it, Miftah Ismail stated.

The finance minister added that the government would implement measures to stabilise the currency market within the following four to five days.

He claimed that certain banks offered overpriced dollars as a result of the circumstance. The minister stated that the Prime Minister has taken strict notice of these banks and has requested a report from the Governor State Bank within two days.

Eight banks have also received letters regarding this and will also face penalties.