AVN 67.21 Increased By ▲ 0.11 (0.16%)
BAFL 31.10 Increased By ▲ 0.10 (0.32%)
BOP 4.90 No Change ▼ 0.00 (0%)
CNERGY 3.77 Decreased By ▼ -0.01 (-0.26%)
DFML 14.50 Increased By ▲ 0.07 (0.49%)
DGKC 42.02 Increased By ▲ 0.17 (0.41%)
EPCL 46.10 Decreased By ▼ -0.47 (-1.01%)
FCCL 11.85 Increased By ▲ 0.16 (1.37%)
FFL 5.17 Increased By ▲ 0.10 (1.97%)
FLYNG 5.87 Increased By ▲ 0.07 (1.21%)
GGL 10.54 Increased By ▲ 0.12 (1.15%)
HUBC 68.78 Increased By ▲ 0.78 (1.15%)
HUMNL 5.81 Increased By ▲ 0.05 (0.87%)
KAPCO 28.25 Increased By ▲ 0.15 (0.53%)
KEL 2.28 Decreased By ▼ -0.01 (-0.44%)
LOTCHEM 25.25 Increased By ▲ 0.20 (0.8%)
MLCF 21.80 Increased By ▲ 0.11 (0.51%)
NETSOL 86.65 Increased By ▲ 0.65 (0.76%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.16 Increased By ▲ 0.07 (0.63%)
PIBTL 4.27 Increased By ▲ 0.03 (0.71%)
PPL 83.75 Increased By ▲ 3.60 (4.49%)
PRL 13.63 Decreased By ▼ -0.01 (-0.07%)
SILK 0.94 Increased By ▲ 0.04 (4.44%)
SNGP 45.29 Increased By ▲ 1.82 (4.19%)
TELE 6.26 Increased By ▲ 0.30 (5.03%)
TPLP 15.84 Increased By ▲ 0.11 (0.7%)
TRG 115.56 Increased By ▲ 0.55 (0.48%)
UNITY 14.11 Increased By ▲ 0.26 (1.88%)
WTL 1.24 Increased By ▲ 0.08 (6.9%)
BR100 4,167 Increased By 42.6 (1.03%)
BR30 15,282 Increased By 351.7 (2.36%)
KSE100 41,604 Increased By 413.5 (1%)
KSE30 15,672 Increased By 177.6 (1.15%)
Pakistan

As IMF funding delayed, Pakistan expects $3bn from friendly country

  • Finance Minister says Pakistan will make alternate arrangements if IMF delays $1bn tranche
Published December 3, 2022
Follow us

ISLAMABAD: Pakistan expects to secure $3 billion in external financing from a friendly country in two weeks, its finance minister said on Friday as the South Asian country awaits IMF funding.

An International Monetary Fund (IMF) review for the release of its next tranche of funding has been pending since September, leaving Pakistan in dire need of external financing.

Pakistan's Finance Minister Ishaq Dar said on Friday in an interview with Geo News TV that all targets for the IMF's ninth review have been completed, adding that withholding a tranche despite that would not make sense.

The IMF's resident representative in Pakistan did not immediately respond to a request for comment.

Pakistan, IMF begin virtual engagement for loan talks

Dar said Pakistan's foreign reserves, which have dropped to $7.5 billion, will be shored up with a $3 billion financing from a friendly country in the next two weeks.

That is hardly enough for a month of imports for Pakistan, which has been facing a widening current account deficit and a balance of payments crisis.

‘Won’t take IMF’s dictation’

The finance minister said he will not take dictation from the IMF on managing Pakistan’s finances, saying he would prioritize Pakistan’s interests.

To a question about the delay in the ninth review, Dar said, "All the requirements for the ninth (IMF) review are completed," adding that the international lender was "behaving abnormally" by not completing the review.

“I don’t care if they come. I don’t have to plead before them. I have to look at Pakistan’s matters.”

He noted that Pakistan will make alternate arrangements in case of any delay from the IMF.

"If the money doesn't come, we will manage, no problem," he added.

Dar insisted that his aggressive approach will not derail the IMF programme, stressing that the government would complete the current programme as well.

Comments

Comments are closed.

As IMF funding delayed, Pakistan expects $3bn from friendly country

Intra-day update: rupee continues to appreciate against US dollar

Policy-level talks with IMF begin today

NA clears Trade Dispute Resolution Bill, 2022

Imran optimistic about prospects of ‘jail bharo’ protest

APC will now be held on 9th

Cases in Karachi, Lasbela: IHC asks police not to take action against Rashid

Govt decides to enhance capacity of NEECA

Huge earthquake kills 2,700 in Türkiye, Syria

High-income earners directed to pay 50pc of super tax liability

IR officials deputed at 33 sugar mills in Punjab