Pakistan will fulfill all agreements with the IMF-Finance Minister
2022.12.06 12:45
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Pakistan will fulfill all agreements with the IMF-Finance Minister
Budrigannews.com – During a meeting with the ambassador of Pakistan’s top bilateral lender, China, Pakistan’s finance minister stated on Tuesday that the country is committed to completing the IMF program and timely repayment of its external debt.
Since September, Pakistan has been waiting for an IMF review before receiving its next funding round. As a result, the country is in desperate need of funding from outside sources.
Pakistan’s money serve, Ishaq Dar, last week let nearby TV know that all objectives for the IMF’s 10th survey had been finished, and said the IMF was “acting unusually” by not finishing the audit.
In a statement, Pakistan’s finance ministry said, “The Finance Minister… informed the Chinese Ambassador that the Government remains committed to completing the IMF program while meeting all external debt repayments on time.”
The finance ministry said in a separate statement on Tuesday that the IMF program was “back on track” and that negotiations for the ninth review were well advanced.
Pakistan had gotten a $6 billion bailout in 2019 under a Drawn out Asset Office (EFF), which was topped up with another $1 billion recently.
Dar went on to say in his meeting with the Chinese Ambassador that Pakistan’s government had a “realistic plan” for handling the money needed to fix up areas that had been devastated by flooding a few months ago. The cost of flood damage, according to officials, is $40 billion.
Pakistan is in a crisis with its balance of payments and a growing current account deficit. Dar stated last week that Pakistan’s foreign reserves, which have decreased to $7.5 billion, will be bolstered in the next two weeks by a $3 billion financing from a friendly nation.
According to the finance ministry, the government had implemented austerity measures to reduce its import bill and had been concentrating on energy conservation.
