Finance Minister Muhammad Aurangzeb on Monday said that efforts were made, albeit unsuccessfully, to derail Pakistan’s engagement with the International Monetary Fund (IMF).
“There was no stone left unturned in terms of ensuring that the meeting [with the IMF] does not happen.
“If the meeting does happen, than these items are not on the agenda, whether it’s the second tranche under the Extended Fund Facility (EFF) and the $1.3 billion under the Resilience and Sustainability Facility (RSF).
“However, we are beyond that, and our case was discussed and decided on merit.”
Aurangzeb made these remarks while talking about the recent escalation of tensions between Pakistan and India, during an event organised by Karandaaz Pakistan and Pakistan Banks Association (PBA) in Islamabad.
“These are very tense moments. The entire nation has rightly celebrated the way our armed forces and political leadership have stood up against the aggression,” he said, adding that the unity shown by the nation against recent aggression is the same unity needed on the economic front.
Just days earlier, the IMF stated that its Executive Board approved funding for Pakistan after it “met all the targets” under the EFF programme.
“In the case of Pakistan, our Board found that Pakistan had indeed met all of the targets,” said Julie Kozack, the IMF’s spokesperson, on Thursday. “It had made progress on some of the reforms, and for that reason, the Board went ahead and approved the programme,” she said.
Earlier this month, the IMF Executive Board approved the first review of the 37-month, $7-billion EFF) for Pakistan.
The Fund’s Executive Board also approved the authorities in Islamabad’s request for an arrangement under the RSF, giving Pakistan access to around $1.4 billion.
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