April 15, 2023 (MLN): The fate of Pakistan's economy hangs in the balance as the International Monetary Fund (IMF) continues to demand further assurances, despite receiving confirmation from two of the country's key allies, Saudi Arabia and the United Arab Emirates (UAE), that the $6 billion financing condition has been met.
Nathan Porter, the IMF’s Mission Chief to Pakistan, has expressed support for Pakistan's efforts and welcomed financial assistance from its friendly countries.
"We welcome the recent announcement of important financial support to Pakistan from key bilateral partners," he said in a statement.
During the meetings between the Pakistani delegation and IMF staff and management, there was agreement on the need to maintain strong policies and secure sufficient financing to support the authorities’ implementation efforts, he added.
According to IMF official, the IMF is providing support for these efforts and is eager to receive the necessary assurances promptly. This would enable the successful completion of the 9th review of an Extended Fund Facility (EFF) and indicates that Pakistan anticipates receiving additional funding from its allies.
A delegation of Pakistani officials from the finance ministry and the central bank is currently in Washington attending talks with the IMF officials to revive the loan program. However, Finance Minister Ishaq Dar had to cancel his planned trip to Washington due to domestic issues.
Recently, Mr. Jihad Azour Director of IMF, Middle East and Central Asia Department (MCD) expressed hope that the Staff Level Agreement (SLA) will be signed soon followed by the IMF Board’s approval.
In addition to it, the United Arab Emirates (UAE) authorities on Friday confirmed to the International Monetary Fund (IMF) their bilateral support of $1 billion to Pakistan.
The cherry on the top, the State Bank of Pakistan (SBP) was about to receive the third and last disbursement worth $300 million out of the approved facility of $1.3bn from the Industrial and Commercial Bank of China (ICBC) on the same day in its account, according to the Finance Minister Ishaq Dar.
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Posted on: 2023-04-15T19:49:16+05:00
