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Print

UAE, Saudi Arabia: Dar says IMF seeking $3bn ‘guarantees’

  • Pakistan did not delay a single day in repayments, adds the finance minister
Published March 31, 2023
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ISLAMABAD: Ishaq Dar on Thursday said that Pakistan didn’t delay a single day in repayments. “We didn’t defer a day in repayments,” the finance minister said while speaking on the floor of the Senate.

“All technical discussions have been completed, an agreement nearing with the International Monetary Fund (IMF),” he said.

“The IMF is demanding, what was committed during the fifth and sixth review of the bailout,” Dar said. “The lender wants guarantees of three billion dollars from the UAE and Saudi Arabia,” the finance minister told the Senate.

Pakistan’s ‘friends’: IMF wants commitments fulfilled: PM

Dar said that the foreign exchange reserves are improving. “We are trying to take the reserves to 13 billion dollars level by June,” he said.

“State Bank’s monetary policy has been free without any intervention from the government,” he said. “We have ourselves amended the state bank law. I was personally against these amendments in the law,” he added.

“By amending the law, State Bank has been made a state within state,” finance minister said. “I had opposed most of these amendments. The Ministry of Finance has now become powerless,” he further said.

“The economy has worsened from 2018 to 2023. In my five months all payments have been made, and currency reserves have reached 10 billion dollars,” he said. “The economy was destroyed during the PTI tenure,” he alleged.

“We were going to become 24th largest economy of the world in 2018, now we are at 47th number,” he said. He also suggested for concluding a charter of economy.

Comments

1000 characters
Tulukan Mairandi Mar 31, 2023 06:56am
Iron Brother China, who ia sitting on $3,000 billion in forex reserves, cannot guarantee $3 billion to for the sake of its sweeter than honey, deeper than ocean relationship with Pakistan and the Pakistani people? Perhaps we should also start talking about the Uyghur genocide, Taiwan freedom, US bloc and abandoning CPEC!
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Tulukan Mairandi Mar 31, 2023 06:58am
Liar Dar says “We didn’t defer a day in repayments” Not true. iron brother Chinese loan due last week not repaid till date. Waiting for iron brother China's approval to revolve it. Meanwhile Iron Brother sent a memo to IMF advising that the loan wasn't paid. Hence the new requirement.
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TimeToMovveOn Mar 31, 2023 08:07am
There are liars, followed by scoundrels, and then there is Dar. “We didn’t defer a day in repayments,” - FALSE China payment was due last week. “All technical discussions have been completed -- FALSE IMF has not approved the fuel subsidies. “State Bank’s monetary policy has been free without any intervention -- FALSE you held the dollar artificially “We are trying to take the reserves to 13 billion dollars level by June,” -- NO YOU CANT
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Love Your Country Mar 31, 2023 09:45am
Once bitten shy twice, a big thank you to Mr Niazi.
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Random Mar 31, 2023 09:54am
How is this guy such a liar. 10 billion reserves iss ke ghar mai paray hain?
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Haq Mar 31, 2023 10:50am
$ar miserably failed, all of his earlier claims are proved futile to Pakistan's economy... Can't be trusted !
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Zar Hussain Mar 31, 2023 10:53am
بخدمت جناب وزیراعظم صاحب پاکستان اپ سے گزارش ہے اگر آپ دوبارہ وزیراعظم بنا چاہتے ہیں تو مہربانی کرکے EOBI Pension کم ازکم 15000 مقرر کرکے مشکور کریں ۔ شکریہ ۔ زار حسین منجانب EOBI Pensioner Chitral KPK Mobile WhatsApp # 03489842725
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Parvez Mar 31, 2023 11:07am
How can the arsonist also be the firefighter....... absurd situation.
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Gp65 Mar 31, 2023 11:29am
Pak was about to become the 24th largest economy by PPP in 2018. It still is. It was nowhere close to becoming the 24th largest economy in nominal dollars.
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Gp65 Mar 31, 2023 11:34am
@Tulukan Mairandi, Not only has the $2 billion of Chinese bank been paid on due date, foreign airlines have not been paid $290 million for services already rendered. Moreover $1.2 repatriation of dividends blocked. Goods sitting on Pak shore in containers have also not been paid for.
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Gp65 Mar 31, 2023 11:35am
@Random, he is talking about total of what is in SBP (4.3 billion) plus what is in the banks (5.7 billion).
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Snyder Mar 31, 2023 11:53am
@Tulukan Mairandi, they say if u want to lose a friend, ask him for money. When u have no qualms about panhandling to the world and performing like Pakistanis have, nearly their entire existence, there is going to be trust issues. And yes talk about human rights in China, it has got to be a Pakistani to be this ingrate and incompetent.
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shabie Mar 31, 2023 12:38pm
Ma ak ghabid ho
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shabie Mar 31, 2023 12:38pm
MAshaAllah
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shabir Mar 31, 2023 12:39pm
MashaAllah Allah pak ap ko doneya ma Hagir da
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Nadeem Mar 31, 2023 12:48pm
@Tulukan Mairandi, but why we always want China to help us.
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Joe Mar 31, 2023 01:43pm
@Random, Because he belongs to crooks and corrupt mafia group!
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Joe Mar 31, 2023 01:44pm
Lies at its best! Who in their right mind would trust these crooks!
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Maqbool Mar 31, 2023 01:51pm
Why is everyone upset with China? All they asked before giving anymore money was , when in 2013 Pakistan outstanding was $ 44.35 billion and in April 2021 is was $ 90.12 billion , where was all this money spent? I would also like a reply to that question . If you know please let me know
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A. Tahir Mar 31, 2023 01:51pm
“By amending the law, State Bank has been made a state within state,” finance minister said. But the state within the state has hijacked the state! And that is the mega problem! The real issue!
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Abdullah Mar 31, 2023 01:53pm
They should seek guarantee to tax the rich and land lords and real estate.than we will not have to beg uar and saudi.wish saudi and uae keeps this conditon.
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Abdullah Mar 31, 2023 01:55pm
@Zar Hussain , we need to finish pension ad those getting pension did nothing to generate tax.Pensions are paid from tax received from private sector.say no to pensions.
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Yogesh(India) Mar 31, 2023 01:56pm
Pakistan is reeling under intrest payment it is giving to the world. Defence expenses is another issue. Govt. focus is to extract money from people and fulfil above needs.
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BK Mar 31, 2023 03:05pm
Beggar of a global scale! And thanks for making my country a beggar state as well. Why don’t you pls get sick again and go back to UK for treatment q k PAK ka medical system to is kabil nahi hai k aap ko sahi kar sakay…just leave and take a couple dozen or your friends from PDM and army with you…jao aish karo UK may…forget PAK
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Muhammad Zuvbair Mar 31, 2023 03:38pm
یہ منہ اور مسور کی دال۔ ان پر تم اب IMF تھوکتا بھی گوارہ نہیں کرتا۔
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Asim Apr 01, 2023 05:42am
@Joe, i think khan is the biggest liar we came across , a fraudia who led us here. Why dr was need of subsidywhen esaw is empire fall, bull shit all of them lies when matter.
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Asim Apr 01, 2023 05:44am
@TimeToMovveOn, who is IMF to tell us what we do n what we dont..
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Ash Chak Apr 01, 2023 10:13pm
What is the plan if 'friendly nations' refuse to oblige?
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TimeToMovveOn Apr 02, 2023 05:50am
@Asim, "who is IMF to tell us what we do n what we dont.." The IMF is your financial boss. They are your lifeline. Without IMF backing, Pakistan would have gone bankrupt, and most of the industries shut down. They pay you money to buy food to dole out to the poor people. They keey your lights on. They are your leander. They are IMF. So you have to listen to them. If you dont like them, then dont go them. No one is forcing you to go to them. But you have gone to them 25+ times since independence.
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