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IMF asking for materialisation of commitment from ‘friendly countries’: Ishaq Dar

  • Finance minister says there will be 'no compromise' on Pakistan's nuclear and missile programmes
Published March 16, 2023

Federal Minister for Finance and Senator Ishaq Dar on Thursday said the International Monetary Fund (IMF) is asking for the materialisation of commitments made by ‘friendly countries’ with Islamabad, which remains the “only delay” in resumption of the stalled programme.

Speaking during the Senate’s session today, Dar said: “At the time of previous reviews, certain friendly countries made commitments to bilaterally support Pakistan. But the IMF is now asking that they should actually complete and materialise those commitments.

“That’s the only delay,” the finance minister told the Senate.

Documentation for Industrial and Commercial Bank of China’s second $500mn disbursement complete: Dar

The statement comes in response to queries raised by Pakistan Peoples Party (PPP) Senator Raza Rabbani pertaining to the delay in agreement with the IMF.

“The moment the staff-level agreement (SLA) and Memorandum of Economic and Financial Policies (MEFP) [of IMF] will be finalised, it will be put on the website of the Ministry of Finance,” Dar said.

Earlier today, Dar had tweeted that the Ministry of Finance has completed documentation for the second disbursement of $500 million from the Industrial and Commercial Bank of China (ICBC).

The finance minister said that the IMF programme “delay is not on the part of the Government of Pakistan”.

“It has been an extensive engagement, which is unusual, too long, and too demanding, but we have completed everything,” said Dar.

The IMF’s Extended Fund Facility (EFF) has been stalled since last year, but Islamabad remains engaged with the international lender. The bailout programme’s revival has been deemed crucial to stabilise the economy that has been hit by a severe dollar shortage in recent months with reserves held by the central bank falling to critical levels.

Last month, the IMF mission left Islamabad without inking the staff-level agreement, and instead, issued a short four-paragraph statement, stressing on timely completion of prior conditions.

Democracy, fiscal discipline must for uplift, says Dar

‘No compromise on nuclear’

Senator Rabbani also asked if the delay in the IMF programme was due to “some sort of pressure to be exerted on Pakistan’s nuclear or is it that there is some pressure on the strategic relationship between us and China? Or is it that some imperial power in the new context of the world order want a presence in the region?”

Dar responded that there will be “no compromise” on the country’s nuclear and missile programmes.

“Let me assure you that … nobody is going to compromise anything on the nuclear or the missile program of Pakistan, no way!” he said.

“We are responsible citizens of Pakistan, we are here to protect and guard our national interest.”

“Nobody has any right to tell Pakistan what range of missiles it can have, and what nuclear weapons it can have. We have to have our own deterrence,” he added.

Pakistan’s ex finance chief Miftah warns against any kind of debt restructuring


Comments are closed.

Tulukan Mairandi Mar 16, 2023 04:14pm
Why can't Iron Brother give some deeper than ocean commitments? How about Saudi Arabia who considers Pakistan as a sisterly (sissy) ally. Looks like Pakistan has no real friends.
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Abdul Sheikh Mar 16, 2023 04:30pm
If you’re smart enough, you can use nuclear energy to end the energy crisis for this country.
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Abdul Mueed Mar 16, 2023 04:37pm
Mr. Dar, look into national resources sincerely and work on it rather than begging for 1.1 bio$. This may actually work for you more, towards "Insha Allah Economy". Your acceptance to IMF condition has already broken the back of many nationals and tax payers like me.
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Syed Arif Hussain Zahidi Mar 16, 2023 04:48pm
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bonce richard Mar 16, 2023 04:52pm
@Abdul Sheikh, I 100% agreed with you we can easily generate electricity by nuclear, but the commission will be stopped by importing furnace oil from oil-producing countries. Who told them to set up a power plant run by the oil big Punjabi Mafia and our army?
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bonce richard Mar 16, 2023 05:03pm
@Tulukan Mairandi, We should not blame to Saudia Arabia, it is our fault every time our army chief and Prime Minister to visit there and beg for Zakat Fitra and Charity, once in a while is ok, but every time lose the dignity. How does Saudia Arabia respect India because they not visit there for begging money, they visit for trade and business. Why do we spend millions of dollars on the army to whom we fight? First of all, we fix ourselves then everyone becomes our real friend.
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Sohail Mar 16, 2023 05:05pm
i hope he said inshallah.....
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Love Your Country Mar 16, 2023 05:08pm
We should expect the USA to play dirty game here because of its influence over the IMF.
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bonce richard Mar 16, 2023 05:13pm
@Abdul Mueed, They have already broken back of taxpayers, and proceeds were transferred to UK and Dubai. Millions of rupees were collected by CBR where they have gone more than 80% to the army and the rest went to Politicians. When they bring stolen money from the UK our economy will be stand be its own feet.
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bonce richard Mar 16, 2023 05:55pm
@Love Your Country , Of course, they dominate the world not IMF, We are stupid why do we always beg money from them? It is only possible when we curtail our budget on the army and stop the corruption. We could not run Pakistan Steel Mills in a proper way and talk to capture Kashmir.
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MohammadShoaib Mar 16, 2023 06:06pm
Big words from FM. Saying no threat to nuclear and missile programmes. With compulsive liar he is , it means they are under threat.
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Abdul Mueed Mar 16, 2023 06:13pm
@bonce richard, Question remains... who will recover this money stolen from us and how...! voicing it is just not enough any more..
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Qasim Mar 16, 2023 06:34pm
@bonce richard, stolen money? British courts returned 190 million pounds to Pakistan of malik Riaz bcz they were proven ill -gotten .. why there’s cannot be proven and UK courts give the clean chit…if corruption is done it have a trace like proven in malik Riaz’s case.. so stop chasing the ghost…
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bonce richard Mar 16, 2023 06:46pm
@Abdul Mueed, If our judicial system is good and honest then we can easily steal money from corrupted politicians and the army.
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Amir yyz Mar 16, 2023 07:01pm
Simply put- where there is smoke, there is fire. And also, where there is a will there is a way.
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Love Your Country Mar 16, 2023 07:22pm
Keep pointing the finger at and blame the politicians and the two biggest issues will never be highlighted and addressed
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bonce richard Mar 16, 2023 07:28pm
@MohammadShoaib, Our PM is a big liar about how he became everyone knows. Very soon our country will be powerless and in the future, we have four-part.
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Nisar M Qasim Mar 16, 2023 09:12pm
Those who declared Niazi as risk to country has become true as toughest conditions agreed with IMF and subsequent failure to implement. Now, IMf focing to close long range missile defense program. It shows Niazi's misconducts and failure led to current situation and threat to sovereignty.
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KhanRA Mar 16, 2023 09:15pm
No one will support a country with an inept government. On top of that, the world thinks we are backwards because we are so conservative. Our only “friends” are dictatorships like China and Saudi Arabia’s, and even they think we are backwards. We are a country that earns no respect.
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zh Mar 16, 2023 10:11pm
Bring back the money you and your Guru Chantal have stolen and stashed in foreign countries.
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TimeToMovveOn Mar 16, 2023 11:45pm
IMF funds and nuclear weapons are just a smoke screen issue. The real issue is lack of faith by the IMF on the current govt. (a) They want a free float of the rupee by allowing imports. (b) They also want guarantees from other govt for the funding gap. (c) they want an agreement with IK that he would not abandon the deal. Instead of addressing these issues, the govt. This is a gone case govt.
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Love Your Country Mar 17, 2023 02:38am
@Qasim, where did Malik Riaz money end up?
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John Mar 17, 2023 03:03am
"Friendly Countries" do not trust Crooks & Corrupt Inc! They want elections and political stability before committing any investments!
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Awami Mar 17, 2023 04:46am
@Tulukan Mairandi, Many nations are ready to help once deal with IMF is completed. China and S.Arabia and UAE will be contributing provided Govt completes deal. They want to make sure Pakistan sticks to promises , which are going to help in long term.
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Awami Mar 17, 2023 04:47am
@Abdul Sheikh, Nuclear Energy is not cheap in terms of money and needed time.
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