AVN 65.52 Decreased By ▼ -1.18 (-1.77%)
BAFL 29.72 Increased By ▲ 0.22 (0.75%)
BOP 4.05 Decreased By ▼ -0.03 (-0.74%)
CNERGY 3.57 Decreased By ▼ -0.05 (-1.38%)
DFML 11.56 Decreased By ▼ -0.24 (-2.03%)
DGKC 42.03 Decreased By ▼ -1.17 (-2.71%)
EPCL 45.66 Decreased By ▼ -0.33 (-0.72%)
FCCL 11.60 Decreased By ▼ -0.25 (-2.11%)
FFL 5.78 Decreased By ▼ -0.10 (-1.7%)
FLYNG 5.94 Decreased By ▼ -0.13 (-2.14%)
GGL 10.88 Decreased By ▼ -0.37 (-3.29%)
HUBC 67.40 Decreased By ▼ -0.48 (-0.71%)
HUMNL 5.59 Decreased By ▼ -0.05 (-0.89%)
KAPCO 24.38 Decreased By ▼ -0.47 (-1.89%)
KEL 2.11 Decreased By ▼ -0.02 (-0.94%)
LOTCHEM 24.92 Decreased By ▼ -0.08 (-0.32%)
MLCF 24.58 Decreased By ▼ -0.29 (-1.17%)
NETSOL 74.12 Decreased By ▼ -2.08 (-2.73%)
OGDC 84.67 Decreased By ▼ -1.19 (-1.39%)
PAEL 10.61 Decreased By ▼ -0.44 (-3.98%)
PIBTL 3.91 Decreased By ▼ -0.07 (-1.76%)
PPL 64.81 Decreased By ▼ -1.19 (-1.8%)
PRL 12.74 Decreased By ▼ -0.21 (-1.62%)
SILK 0.87 Decreased By ▼ -0.01 (-1.14%)
SNGP 39.41 Decreased By ▼ -1.34 (-3.29%)
TELE 7.06 Decreased By ▼ -0.42 (-5.61%)
TPLP 14.70 Decreased By ▼ -0.39 (-2.58%)
TRG 107.60 Decreased By ▼ -2.85 (-2.58%)
UNITY 13.37 Decreased By ▼ -0.14 (-1.04%)
WTL 1.20 Decreased By ▼ -0.01 (-0.83%)
BR100 4,040 Decreased By -40.6 (-0.99%)
BR30 14,413 Decreased By -217.8 (-1.49%)
KSE100 39,942 Decreased By -434.1 (-1.08%)
KSE30 14,739 Decreased By -177.2 (-1.19%)

PM Shehbaz hopeful of IMF programme revival ‘this month’

  • Statement comes after IMF said its mission will visit Pakistan from January 31-February 9 to continue discussions for the 9th review
Published January 27, 2023
PM Shehbaz hopeful of IMF programme revival
Follow us

Prime Minister Shehbaz Sharif on Friday said he is hopeful that the crucial International Monetary Fund (IMF) programme would resume “this month”, a statement that comes after the lender confirmed its mission will arrive in Islamabad at the end of January.

“I am hopeful that we will reach an agreement with the IMF this month,” said the premier, while addressing the inauguration of the Green Line Express Train service in Islamabad.

“Following the agreement, multilateral and bilateral institutions will also come on board with Pakistan. enter link description here “These are difficult times, but the coalition government is working hard, and I am hopeful that the tough times will pass,” he added.

His statement comes as the IMF said its mission will visit Pakistan from January 31-February 9 to continue discussions for the 9th review under the Extended Fund Facility (EFF).

This was confirmed by IMF Resident Representative Esther Perez Ruiz to Business Recorder on Thursday, a day when the rupee also plunged nearly 10% against the US dollar in the inter-bank market. The next day, the rupee depreciated another 2.7%.

The IMF official stated that the mission will focus on policies to restore domestic and external sustainability, including to strengthen the fiscal position with durable and high-quality measures while supporting the vulnerable and those affected by the floods; restore the viability of the power sector and reverse the continued accumulation of circular debt; and reestablish the proper functioning of the forex market, allowing the exchange rate to clear the FX shortage.

Pakistan is desperately looking to convince the lender to resume its bailout as foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped a massive $923 million to a mere $3.7 billion, data released on Thursday showed. This is the lowest level of SBP-held reserves since February 2014.

Meanwhile, PM Shehbaz on Friday said that Pakistan is standing at a crossroads where it needs to save every penny.

“We have set up a priority list for imports while keeping foreign exchange reserves in mind,” he added.

Alarm bells: SBP-held foreign exchange reserves plunge $923mn, now stand at mere $3.7bn

Addressing the event, Federal Minister for Finance and Revenue Ishaq Dar congratulated the Ministry of Railways for reviving the Green Line.

He said that the ML-1 project was originally conceived as part of the China-Pakistan Economic Corridor (CPEC), and would currently cost $11-$12 billion. “This is the legacy of the previous government, which this government inherited,” he said.

Talking about Pakistan’s financial health, Dar said that the Pakistan Muslim League-Nawaz (PML-N) government revived the economy during its last stint in power in 2013.

“In a span of three years, the economy was totally turned around,” he said.

“It is unfortunate that after five years, we are standing in this predicament, which needs to be thoroughly investigated,” said Dar.

He said that PM Shehbaz Sharif has received a legacy of “total collapse state of affairs.”

“However, we are assisting PM Shehbaz to take Pakistan out of this quagmire,” he said, adding that the country would survive.

Earlier this week, Shehbaz Sharif reinforced the government’s wish to complete the IMF programme.

“We have given the IMF a clear message that we want to complete the ninth review. We are ready and want to sit down regarding your conditions so that it (ninth review) can be concluded and Pakistan can move forward,” the PM had said in an address.


Comments are closed.

Aamir Latif Jan 27, 2023 05:07pm
Dar shluld be shown the door, it's a bitter pill within pmln ranks, but essential.
thumb_up Recommended (0)
bonce richard Jan 27, 2023 05:50pm
@Aamir Latif, They stole billions of money and are not sincere for the country. Talented peoples are available. but no respect because of P.unjabi bureaucracy.
thumb_up Recommended (0)

PM Shehbaz hopeful of IMF programme revival ‘this month’

KSE-100 ends below 40,000 level amid IMF uncertainty

President Alvi ask prime minister, provincial govts to assist ECP over elections

IMF seeks financial assurances before taking 'next step with Pakistan'

LHC extends Imran Khan's protective bail in 5 cases till March 27

Remarks on woman judge: Islamabad court changes Imran’s non-bailable arrest warrant into bailable one

Import restrictions: Indus Motor suspends production again

Indian opposition dealt major blow as parliament bars Congress leader Gandhi

Pakistan’s logistics startup Trax says it has raised $3.7mn in seed funding

Pakistani professionals struggle with higher costs as economy teeters

Barrister Shehzad Ata Elahi resigns as Attorney-General