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Print Print 2023-03-17

Friendly delay ‘last hurdle’ to IMF bailout

  • Finance Minister Ishaq Dar says several countries had made commitments to support Pakistan during previous International Monetary Fund reviews
Published March 17, 2023

ISLAMABAD: Finance Minister Ishaq Dar said on Thursday that an assurance from “friendly countries” to fund a balance of payment gap was the last hurdle in securing an IMF deal, which will offer a critical lifeline to avert an economic meltdown.

Several countries had made commitments to support Pakistan during previous International Monetary Fund (IMF) reviews, Dar told the country’s upper house of parliament, adding that the IMF was now asking for those commitments.

“At the time of the previous reviews, several friendly countries had made commitments to bilaterally support Pakistan, what IMF is now asking (is) that they should actually complete and materialize those commitments,” he said, adding: That’s the only delay.”

Pakistan has to give assurances on financing BOP deficit: IMF

Pakistan is awaiting a bailout package of $1.1 billion from the IMF, that has been delayed since November over issues related to fiscal policy adjustments.

The funds are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical for Pakistan to avert defaulting on external payment obligations.

The deal will also unlock other bilateral and multilateral financing avenues for Pakistan to shore up its foreign exchange reserves, which have fallen to four weeks worth of import cover.

The IMF wants Pakistan to get the assurance for up to $7 billion to fund this fiscal year’s balance of payments gap. Dar has been saying it should be around $5 billion.

Islamabad has been hosting the IMF mission since early February to negotiate a series of policy measures for the cash-strapped economy to manage the fiscal deficit ahead of the annual budget around June.

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

Prime Minister Shehbaz Sharif said that all of the IMF’s conditions had been met.

“We’ve completed bitter, very bitter conditions of the IMF,” he told the upper house of the parliament, adding that he hoped to “have a staff level agreement soon.”


Comments are closed.

Tulukan Mairandi Mar 17, 2023 08:21am
Why is Iron Brother delaying issuance of commitment letter? Really disappointed that sweeter than honey China is doing this. Perhaps Pakistan should relook at its stance vis-a-vis relationship with USA and Taiwan, and its silence on Xinjiang genocide. It's about time we assert ourselves.
thumb_up Recommended (0)
Yogesh(India) Mar 17, 2023 09:10am
Pakistan is like woman with so many husband's.You have to satisfy all .
thumb_up Recommended (0)
Ch. K. A. Nye Mar 17, 2023 10:20am
There are no commitments.
thumb_up Recommended (0)
Adeel Mar 17, 2023 10:29am
Financial wizard..... Haha Cocomo ky bad 2nd clown (as per son of prime minister) Mr. Biska (both products from Candyland) trying to solve financial problem of Pakistan..... Tum sy na hoga
thumb_up Recommended (0)
Sumroo Mar 17, 2023 12:42pm
Clowning around of clowns continue!
thumb_up Recommended (0)
Rizwan Mar 17, 2023 12:45pm
Losers.. bari izat kumka di h Pakistan ko es maskhre ne
thumb_up Recommended (0)
Azaree Mar 17, 2023 12:48pm
The pretender...the con artist ...wrecking havoc with country's economy!
thumb_up Recommended (0)
Jamshed Mar 18, 2023 12:24am
Beggars cant be choosers, who are we to complain to IMF? if we dont like there conditions then we should look elsewhere for funds.
thumb_up Recommended (0)

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