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Pakistan

Talks with IMF, World Bank: Ishaq Dar expects positive outcome

  • Finance minister says everything went well during interactions
Published October 19, 2022

Finance Minister Ishaq Dar on Wednesday expressed hope of a positive result from meetings with the International Monetary Fund (IMF), World Bank, and other multilateral creditors, as Pakistan seeks support after devastating floods exacerbated the South Asian nation’s economic crisis.

“I held 58 meetings in four days with IMF, World Bank and other multilateral creditors,” he said while speaking to media in London.

“We expect positive results from the interactions.”

Responding to a query, he said “everything went well in these meetings” without divulging details.

IMF, World Bank leadership assure Dar of continued support for Pakistan

During his meetings with IMF officials, Dar had apprised them of the damages caused by the unprecedented floods in Pakistan. He shared the government of Pakistan’s vision for stabilising the economy and carrying out sustainable and resilient recovery.

Earlier, IMF Deputy Managing Director Antoinette Sayeh appreciated the government’s policies and assured of IMF’s continued support to Pakistan.

Furthermore, Dar, in his meeting with David Malpass, President World Bank, thanked the global creditor for its continued support in the socio-economic development of Pakistan.

Dar lauded the World Bank for its assistance in rescue and relief operations in the aftermath of the unprecedented devastating floods. As per the statement, President Malpass assured that the bank would continue to work with the government to help Pakistan overcome its socio-economic challenges due to the floods.

Dar leaves for US to hold meetings with IMF, World Bank

Meanwhile, in a separate meeting, the finance minister thanked Martin Raiser, Vice President of South Asia Region (SAR), World Bank for undertaking a visit to Pakistan amid the devastation caused by the floods.

Dar said that the visit helped in projecting the tremendous damages caused by the devastating floods. Raiser assured that his institution would continue to support Pakistan in overcoming its economic difficulties

Earlier, Dar expressed confidence that the country’s economy can surpass 3% growth in the ongoing fiscal year, higher than the 2% growth projected by the State Bank of Pakistan (SBP).

He reiterated that “there’s no plan to engage with bondholders across the board” asking them to extend the maturity date for Pakistan’s $1 billion global bond due in December.

However, “there are certain proposals,” that the government might consider, including issuing “replacement paper,” but the approach is to look at optional, not mandatory, measures, he said.

“I’m working to have a solid plan how to deal with all these public debt liabilities” that will be due in the fiscal year to June 2023, he said.

Dar confirmed debt liabilities of around $22 billion in the next 12 months.

Meanwhile, Prime Minister Shehbaz Sharif told the Financial Times that Pakistan is not asking for any kind of measure [such as] a rescheduling or a moratorium. “We are asking for additional funds.

The country needs “huge sums of money” for “mega undertakings” such as rebuilding roads, bridges and other infrastructure damaged or washed away, the FT quoted PM Shehbaz as saying.

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