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International Monetary Fund (IMF) Managing Director Kristalina Georgieva has said she is optimistic that the current bailout programme with Pakistan would be successfully completed.

“My hope is that with the goodwill of everyone, with the implementation of what has been already agreed by the Pakistani authorities, we can complete our current programme successfully,” Georgieva said while addressing a news conference on Thursday.

To a query on what Pakistan needed to do to avoid reaching an unsustainable debt position, the IMF chief said: “We have been working very hard with the authorities in Pakistan within the context of our current programme to make sure that Pakistan has the policy framework” in place to avoid reaching the point of unsustainable debt.

“We are not there yet, and it is better not to get there,” she said.

On last year’s floods, which devastated large swathes of land in Pakistan, while displacing millions, the IMF chief said that the floods were “much more dramatic” than the devastation that occurred in 2011.

“Pakistan will continue to be on the frontline of the climate crisis,” she said.

Meanwhile, in a major development towards a revival of the stalled bailout programme, United Arab Emirates (UAE) authorities assured the International Monetary Fund (IMF) that it will provide $1 billion as bilateral support to Pakistan, said Finance Minister Ishaq Dar on Friday.

Pakistan was required to give an assurance that its balance of payments deficit is fully financed for the remaining period of the IMF programme that has been stalled since November last year.

Earlier, an official of the IMF expressed confidence that the staff-level agreement (SLA) will be signed soon followed by its board’s approval.

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.


Comments are closed.

Tulukan Mairandi Apr 14, 2023 11:53am
Factually the deal is dead unless China iron brother and sisterly UAE and Saudi gives guarantee. And all these sharks want a piece of Pakistan's sovereignty
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Joe Apr 14, 2023 01:05pm
What a sorry state of affairs...compliments of Mir Sadiqs and Mir Jafers!
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NAUMAN SHAH Apr 14, 2023 01:41pm
You reap what you sow. Pakistan suffering has just started. It has to get worst otherwise the fundamentals of finance and economics as we know them are flawed. it's the beginning of the end unless (and it's a big big unless) we change the way we do things right at the core. No body has done it. No body will do it. The required education and skill is not present in Pakistan nor the political will.
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Pakistani1 Apr 14, 2023 04:17pm
We are waiting!
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