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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: No chance of Pakistan default, mulls IMF aid-c.bank Reuters - 2 hours 22 minutes ago DUBAI, Oct 29 - Pakistan is in no danger of defaulting on its debt and is still considering whether to expand on technical help from the International Monetary Fund, its central bank governor said on Wednesday. Shamshad Akhtar said a technical package would be announced in due course but that the country was still mulling over its options for finding capital to deal with a balance of payments crisis that has rocked its economy. "We are taking steps to build up the reserves. We are developing a macroeconomic stabilisation package which will help us attract capital flows," said Akhtar, governor of the State Bank of Pakistan. "We have a technical engagement with the IMF and in due course a package will be announced," she said on the sidelines of an Islamic finance meeting in Dubai. Asked if Pakistan would turn to the IMF, she said "it is under consideration. We have a few plans and we have other options.... There will be no default by Pakistan." Pakistan has just a few weeks to raise billions of dollars in foreign loans needed to meet debt payments and pay for imports. Islamabad's seven-month-old government, running Pakistan after more than eight years under former army chief Pervez Musharraf, has been reluctant to go to the IMF and has been looking for help from friendly governments. But little assistance has materialised. Moody's cut Pakistan's credit rating by one level to B3 on Tuesday and warned of further cuts. German Foreign Minister Frank-Walter Steinmeier said after talks with Pakistani leaders in Islamabad on Tuesday that an agreement on help for Pakistan could not be delayed. A group of friendly countries, dubbed Friends of Pakistan, are also set to meet in the United Arab Emirates in November to discuss ways of assisting Pakistan. (Reporting by Daliah Merzaban, Writing by Lin Noueihed and Amran Abocar; editing by Patrick Graham) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Newmont 3Q profits fall 51 percent on higher costsAP - 57 minutes ago European stocks up after Dow surgeAP - 1 hour 9 minutes ago China investigates tainted eggs in new food scareAP - 1 hour 11 minutes ago Oil bounces off 17-month lowAP - 1 hour 12 minutes ago Qwest 3Q profit down; will cut 1,200 jobsAP - 1 hour 13 minutes ago Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead Markets rebound ahead of key US meeting Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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