Dar calls for greater support from IMF, multilateral donors

Finance Minister Ishaq Dar on Sunday urged the International Monetary Fund (IMF) and multilateral donors to provide greater policy support to Pakistan.

Dar made the remarks while addressing a meeting of Menap (Middle East, North Africa, Afghanistan, and Pakistan) ministers of finance and central bank governors with the IMF Managing Director Kristalina Georgieva.

During his address, the finance minister thanked the IMF official for her support and assured Pakistan’s commitment to completing the ongoing programme.

“[The] finance minister highlighted the humanitarian catastrophe and losses suffered by the country. Given the scale of disaster, he pleaded [for] more policy support for Pakistan.”

Dar also welcomed new IMF instruments — Resilience and Sustainability Trust (RST) and Food Shock Window under Rapid Financing Instrument (RFI) — to support countries.

Earlier, the finance minister, who is leading Pakistan’s delegation in the IMF / World Bank’s 2022 Annual meetings being held in Washington DC, met with Vicky Ford, UK Minister of State for Foreign, Commonwealth and Development Office (FCDO).

The federal minister thanked the UK government for financial support and assistance to meet the challenges posed by floods, which devastated the north and south of Pakistan leading to the deaths of over 1,400 persons while displacing millions.

Dar meets key officials: floods devastation, relief efforts remain top agenda

Dar also appreciated the trade concessions afforded to Pakistan and other developing countries under the Developing Countries Trading Scheme (DCTS), read the statement.

Ford assured of the UK’s continued support for Pakistan during this difficult period. The two sides discussed ways to further deepen bilateral development cooperation.

Moreover, United States Assistant Secretaries, Ramin Toloui and Donald Lu called on Ishaq Dar at Pakistan Embassy to express solidarity with Pakistan over devastating floods and assure continued US support for Pakistan’s relief and recovery efforts, read the statement.

“Other issues of mutual interest were also, discussed,” it added.

The finance minister also led Pakistan’s delegation to a high-level round table on Pakistan’s floods - impact and response, cochaired by Martin Raiser, Vice President of World Bank and Nigel Casey, UK Prime Minister’s Special Representative for Afghanistan and Pakistan.

The Ministry of Finance said that the round table was attended by all major bilateral and multilateral development partners and donors.

Initial findings of Pakistan’s post-disaster need assessment jointly prepared by the World Bank, Asian Development Bank, UNDP, EU and the Government of Pakistan were presented in the round table.

In his concluding remarks, Dar emphasized the need to provide adequate support to Pakistan to meet the challenges of recovery and rehabilitation.

Furthermore, Dar also met Jihad Azour Director of the Middle East and Central Asia Department at the IMF and discussed the implementation of the IMF program. The IMF’s official expressed sympathy for the losses caused by the floods and assured the finance minister of the IMF’s support.

Moreover, Dar held a “very productive” meeting with H.E. Sultan Abdul Rehman Al Murshid, CEO Saudi Fund for Development (SFD), said the statement.

The finance minister conveyed Pakistan’s deep gratitude for the support provided by KSA to Pakistan at all times and welcomed the forthcoming visit of the SFD team to Pakistan. CEO SFD assured of SFD’s continued support to Pakistan, read the statement.