The South Asian country this month failed to reach an agreement with the UAE to roll over the debt for the first time in seven years, adding pressure on external buffers at a time when the economy is getting hit by the fallout from the conflict in the Middle East.
“Whatever we need to cover will be a combination of many sources,” including commercial options and bilateral lenders, Aurangzeb said in Washington on Monday. “We’re looking at all options,” he said, declining to provide further details.
The country’s foreign exchange reserves stood at US$16.4 billion as of March 27, enough to cover close to three months of imports.
“We’re very committed to pay and ensure there are other resources available to keep our reserves at the right place,” he said.
Aurangzeb declined to comment on whether there are ongoing discussions with China and Saudi Arabia for financial support. Bloomberg News reported earlier that such talks were taking place, citing people familiar with the matter.
Discover more from PressNewsAgency
Subscribe to get the latest posts sent to your email.