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Pakistan

IMF official has expressed confidence SLA will be signed soon, says Pakistan's Finance Division

  • Statement comes after Finance Minister Ishaq Dar attends IMF-World Bank spring meetings virtually from Islamabad
Published April 12, 2023

An official of the International Monetary Fund (IMF) has expressed confidence that the staff-level agreement (SLA) will be signed soon followed by the IMF Board’s approval, according to Pakistan’s Finance Division on Wednesday.

In a statement released after Finance Minister Ishaq Dar attended the IMF-World Bank Spring meetings through Zoom from Islamabad, the Finance Division said Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, also hoped Pakistan would continue its progress on the reforms in various sectors.

The resumption of the IMF programme is crucial for the cash-strapped South Asian economy, which is battling high inflation and low foreign exchange reserves. The programme has been stalled at the ninth review since November last year.

On Wednesday, Finance Minister Dar along with Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, and SAPM on Revenue Tariq Mehmood Pasha attended the meeting virtually from Islamabad. Ambassador of Pakistan to the USA Masood Ahmad Khan, Governor State Bank of Pakistan Jameel Ahmad, Secretary of Finance, and Secretary EAD attended the meetings in person.

“Jihad Azour expressed his confidence that the SLA will be signed soon followed by the IMF Board’s approval,” read a statement by the Finance Division. “He hoped that Pakistan would continue towards its progress on the reforms in various sectors and complete the IMF programme in time and IMF will play its positive role in bringing economic stability in Pakistan.”

The statement added that Dar thanked Azour and his IMF team for support extended in the ninth Review.

“The two sides discussed the progress made with the ongoing IMF program, particularly talks held with the IMF Mission during their visit to Pakistan and the implementation of prior actions.”

Dar mentioned that due to local important commitments, Prime Minister Shehbaz Sharif asked him to stay in Pakistan due to which he had to cancel his scheduled visit to Washington DC and therefore, he is attending the IMF/World Bank Spring meetings via Zoom from Pakistan.

He apprised the IMF team about the economic challenges being faced by the country. He further shared the GoP’s vision for bringing about macroeconomic stability in the country.

He also informed that all prior actions for the ninth review under the Extended Fund Facility have already been completed and the government of Pakistan is fully committed to fulfilling its obligations as agreed with the IMF.

Business Recorder reached out to the IMF, but it did not immediately respond to a request for a comment.

Comments

Comments are closed.

Haq Apr 12, 2023 11:03pm
After months of begging, taxing masses, blood bathing of local businesses / industry (utilities, spares, raw material), devaluation of Rupee, increasing the debt burden by billions, finally we get $1B from IMF. If govt rationalize taxes, reduce utilities cost, kick out IPPs (25 yrs agreements expired) investment friendly policies, eliminate corruption, smuggling & Riba, Pakistan can not only cultivate / produce locally, but can also earn through export
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Parvez Apr 12, 2023 11:07pm
Please let us know once it's signed.....enough time and energy has been wasted giving these pointless news statements.
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Tulukan Mairandi Apr 12, 2023 11:11pm
Then why did be go crying to UK and USA with his sore thumb?
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Ali Apr 12, 2023 11:31pm
We have no more trust on these statements unless IMF itself say so.
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Ali Apr 12, 2023 11:33pm
@Tulukan Mairandi, Jindagi ma aor koi kam na bacha kia tmhara,,, har post pa apna fazol comment dena chahty ho
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Ykhan Apr 13, 2023 02:28am
I recommend..Tariq Jameel ko prime minister bana do....send whole Pakistan for 4 months tableeg...wesay bhi koi Kam tho hey nahi
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bonce richard Apr 13, 2023 04:36am
@Ali, No one does not trust on you, Mr. Dar. Basically you always steal money and transferred to the UK.
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bonce richard Apr 13, 2023 04:38am
@Haq, Curruptions in our blood especially in the Punjabi army. From the beginning, our army made us in the name of Islam and Kashmir.
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Nadeem Apr 14, 2023 06:10pm
@Tulkan mirandi Jindagi ma aor koi kam na bacha kia tmhara,,, har post pa apna fazol comment dena chahty ho
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