AIRLINK 61.71 Decreased By ▼ -0.77 (-1.23%)
BOP 5.33 Decreased By ▼ -0.03 (-0.56%)
CNERGY 4.51 Decreased By ▼ -0.07 (-1.53%)
DFML 15.40 Decreased By ▼ -0.10 (-0.65%)
DGKC 65.50 Decreased By ▼ -0.90 (-1.36%)
FCCL 17.27 Decreased By ▼ -0.32 (-1.82%)
FFBL 27.70 No Change ▼ 0.00 (0%)
FFL 9.26 Decreased By ▼ -0.01 (-0.11%)
GGL 10.08 Increased By ▲ 0.02 (0.2%)
HBL 105.50 Decreased By ▼ -0.20 (-0.19%)
HUBC 121.05 Decreased By ▼ -1.25 (-1.02%)
HUMNL 6.47 Decreased By ▼ -0.13 (-1.97%)
KEL 4.43 Decreased By ▼ -0.07 (-1.56%)
KOSM 4.36 Decreased By ▼ -0.12 (-2.68%)
MLCF 35.78 Decreased By ▼ -0.42 (-1.16%)
OGDC 122.51 Decreased By ▼ -0.41 (-0.33%)
PAEL 22.77 Decreased By ▼ -0.23 (-1%)
PIAA 31.01 Increased By ▲ 1.67 (5.69%)
PIBTL 5.82 Increased By ▲ 0.02 (0.34%)
PPL 107.30 Decreased By ▼ -0.20 (-0.19%)
PRL 27.28 Increased By ▲ 0.03 (0.11%)
PTC 17.49 Decreased By ▼ -0.58 (-3.21%)
SEARL 52.75 Decreased By ▼ -0.25 (-0.47%)
SNGP 62.70 Decreased By ▼ -0.51 (-0.81%)
SSGC 10.68 Decreased By ▼ -0.12 (-1.11%)
TELE 9.05 Decreased By ▼ -0.15 (-1.63%)
TPLP 11.50 Increased By ▲ 0.06 (0.52%)
TRG 70.50 Decreased By ▼ -0.36 (-0.51%)
UNITY 23.59 Decreased By ▼ -0.03 (-0.13%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,927 Decreased By -16.4 (-0.24%)
BR30 22,664 Decreased By -163.1 (-0.71%)
KSE100 66,989 Decreased By -152.9 (-0.23%)
KSE30 22,041 Decreased By -49.4 (-0.22%)
Business & Finance

Pakistan to 'continue close engagement' with IMF, World Bank: Miftah Ismail

  • PML-N leader, tipped to become finance chief, says Pakistan will pursue reforms that result in macroeconomic stability
Published April 16, 2022

Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail, reportedly in line to become the country’s next finance chief, has said that the newly-established government remains committed to “continue close engagement” with the World Bank and the International Monetary Fund (IMF).

“Dr Najy Benhassine, World Bank’s Country Director for Pakistan and IMF’s Resident Representative Dr Esther Perez Ruiz paid courtesy calls on me," tweeted Miftah.

“Pakistan will continue close engagement with these institutions and pursue reforms that result in macroeconomic stability,” he added.

Facing depleting foreign exchange reserves, Pakistan heavily relies on funding from international lenders to meet its balance-of-payments requirements. The programme with IMF is especially important as it keeps the door open for Pakistan to tap international markets for additional fund-raising as well.

Miftah Ismail likely to be named finance chief: report

Meanwhile, its foreign exchange reserves have been depleting fast. Reserves held by the State Bank of Pakistan (SBP) fell another $470 million on a weekly basis to reach a critical $10.85 billion, revealed central bank data on Thursday. This is the lowest reserve-level since June 2020.

Ismail is reported to be among the officials responsible for resuming talks with the IMF over the 7th review of the Extended Fund Facility (EFF), where the previous government's relief package, which included reducing petrol and electricity prices, remains a key topic. On Friday, the new government also decided against increasing petroleum products' prices, which many see as a tricky topic in IMF engagement.

Earlier, Business Recorder reported that the government is keen on restarting the IMF programme to meet $30 billion financing needs in the next fiscal year.

This was stated by Ismail during a media talk on Tuesday flanked alongside Muhammad Zubair Umar and Musadik Malik, after they were directed by Prime Minister Shehbaz Sharif to place the economic statistics on record. He said in his opinion, the previous government’s relief package was inappropriate and may have to be revisited.

Comments

Comments are closed.