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Print

IMF programme: Govt remains committed, Dar tells Nong

  • Finance minister says negotiations for ninth review are at an advanced state
Published December 7, 2022
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ISLAMABAD: Pakistan is committed to completing the International Monetary Fund programme while meeting external debt repayments on time, the finance minister said on Tuesday during a meeting with the ambassador of its top bilateral lender China. An IMF review for the release of its next tranche of funding has been pending since September, leaving Pakistan in dire need of external financing.

Finance minister, Ishaq Dar, last week told local television that all targets for the IMF’s ninth review had been completed, and said the IMF was “behaving abnormally” by not completing the review.

“The Finance Minister ... apprised the Chinese Ambassador that the Government remains committed to completing the IMF program while meeting all external debt repayments on time,” finance ministry said in a statement.

In a separate statement on Tuesday, the finance ministry said the IMF programme had come “back on track” and negotiations for the ninth review were at an advanced state.

‘Won’t take IMF’s dictation’: Dar

Pakistan had secured a $6 billion bailout in 2019 under an Extended Fund Facility (EFF), which was topped up with another $1 billion earlier this year.

In his meeting with the Chinese Ambassador, Dar added that Pakistan’s government had a “realistic plan” for dealing with spending required to rehabilitate areas affected by devastating flooding a few months ago. Officials have estimated damage from floods at $40 billion.

Pakistan is facing a widening current account deficit and a balance of payments crisis. Dar last week 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.

The finance ministry said the government had put in place austerity measures aimed at eliminating non-essential expenditure and had been focusing on energy conservation to reduce its import bill.

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Rebirth Dec 07, 2022 12:03pm
Had it been up to this website, they’d move the IMF, World Bank further up north to a globally irrelevant, frozen nation and replace the Washington Consensus with the Igloo Consensus. Penal colonies in North America are bearing fruit, it seems. Going from one economic order to another. Keeping it all within their circle. All this time, I thought their collective problem was with the Chinese and that’s who their trade war was going to be with. Turns out it was a tug of war between the children of convicts, psychos and Nazis all along. Quite an interesting Cold War amongst allies (this cheesiness is nauseating). The one before transformed into a hot war even if it’s bitter cold in Ukraine. I think none of us are sure why we’ve had to bear the consequences of the decisions the Brits made in the 18th century. Come to think of it, did they really move their convicts across the Atlantic, or did they empty all their mental asylums? Their penal colonies from Down Under are barely as annoying.
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