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ISLAMABAD: Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar has called for greater policy support from the International Monetary Fund (IMF) and multilateral donors in the backdrop of the climate-induced catastrophe and losses suffered by the country.

The minister was addressing a meeting of MENAP (Middle East, North Africa, Afghanistan, and Pakistan) Ministers of Finance and Central Bank Governors with IMF Managing Director Kristalina Georgieva in Washington DC.

He urged the IMF to tailor its response to the situation in Pakistan and similar countries by taking into consideration the serious economic, social and political challenges that those countries were facing in the backdrop of climate induced calamities.

He highlighted the humanitarian catastrophe and losses suffered by the country. Given the scale of disaster, he pleaded more policy support for Pakistan. He welcomed new IMF instruments Resilience and Sustainability Trust (RST) and Food Shock Window under Rapid Financing Instrument (RFI) to support countries.

He also thanked the IMF managing director for her sentiments and committed to complete the Fund programme despite challenges, according to press statement received here Sunday.

Pakistan vows IMF reforms as flood damage estimated at over $16bn

The IMF managing director highlighted challenges faced by regional economies including from climate change events, citing Pakistan’s damaging floods. She expressed her deep sympathies with Pakistan and assured the Fund’s full support.

Meanwhile, the minister and Governor of State Bank of Pakistan Jameel Ahmed met Queen Maxima of Netherlands on the sidelines of annual meetings of IMF-WB to discuss financial inclusion and banking on equality.

The two sides reiterated their commitment to work together to achieve fast progress in the subjects discussed.

Dar also met Director General of Kuwait Fund Marwan Abdullah Yusuf Thunayan Al- Ghanem. The minister appreciated the contribution of Kuwait Fund to Pakistan’s economic development and discussed the ongoing projects and the potential new areas of investments.

The minister held a meeting with President of Asian Development Bank (ADB) Masatsugu Asakawa and thanked him for support provided over the years as a major development partner of Pakistan and also for the recent post-flood commitments.

The ADB president assured the finance minister of approval of BRACE programme amounting to US $1.5 billion and of continued support to Pakistan. The minister also met his Libyan counterpart Khaled Al-Mabrouk and both the dignitaries discussed issues of mutual interest.

In his meeting with Managing Director of International Finance Corporation (IFC) Makhtar Diop, the minister appreciated the role of the Corporation in promoting private sector development in Pakistan.

He also discussed potential means of enhancing IFC engagement in Pakistan, particularly for trade finance. He assured all the facilitation required by the IFC in that regard.

Makhtar Diop assured the finance minister of IFC’s continued support to Pakistan. It is pertinent to mention here that Dar is leading Pakistan’s delegation in the IMF/ World Bank’s 2022 Annual meetings being held in Washington DC.

Other delegates include Federal Minister for Economic Affairs Sardar Ayaz Sadiq, Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha, Governor of State Bank of Pakistan Jameel Ahmed, Finance Secretary Hamed Yaqoob Sheikh, Secretary Economic Affairs Division Dr Kazim Niaz and Additional Secretary, Finance Division, Ali Tahir.

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Kashif Oct 17, 2022 10:18am
Pakistan Economy Update
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Fazeel Siddiqui (OP) Oct 17, 2022 11:52am
International community will never go beyond lip service, they know incumbent set up and their handlers lost confidence of local investors and Overseas Pakistanis. Cosmetic measures of inflating rupee by paying unfair less value of FX remittances is state level stealing from pockets of Overseas Pakistanis.
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