Pakistan faces no default risk: Miftah Ismail

Federal Finance Minister Miftah Ismail said the current coalition government has pulled Pakistan out of the danger, as there is no risk of the country going bankrupt.

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

But right now, there is no risk of bankruptcy facing Pakistan, he added.

Ismail Miftah said, "The [economic] situation was made worse by flash floods across the country. But we'll run the economy effectively. The nation's economy won't be in danger."

Miftah Ismail said, "Flash floods worsened the [economic] situation. But, we will efficiently manage the economy. There will be no threat to the country's economy."

The finance minister further said that the government would take up measures in the next four to five days that will bring stability to the currency market.

He said that some banks, taking advantage of the situation, sold expensive dollars. The Prime Minister has taken strict notice of these banks and demanded a report from the Governor State Bank in two days, the minister said.

In addition, eight banks have been served with notices in this regard and will also be penalized.