MONITORING (SW) – Pakistan’s\u00a0Finance Minister Ishaq Dar on Saturday said that everything required from Pakistan to conclude the much-delayed ninth review of a $7 billion loan programme with the International Monetary Fund (IMF) was \u201cnow complete\u201d, and the one final thing needed was a confirmation of a $1bn commitment from a friendly country.<\/p>\n
The finance minister addressed the nation a day after he cancelled his visit to Washington for spring meetings of the IMF and World Bank citing domestic political turmoil as the reason, reported Dawn news.<\/p>\n
His speech centered around him trying to calm the fears that the cancellation of his trip was any indication on the future of the IMF deal \u2014 a $6.5bn rescue programme agreed in 2019, of which the government has been trying to secure the final tranche of $1.1bn since February.<\/p>\n
Dar said that the government had already done all that was required from it to conclude the ninth review. He said that at the time of the seventh and eight reviews, two friendly countries had informed the IMF in writing about its offer to help Pakistan with its external account.<\/p>\n
\u201cThe two-month delay from mid-February was due to this reason,\u201d he said. \u201cIn the past two weeks, one of our friendly countries has again given them (the IMF) the confirmation [of its commitment to help Pakistan] with $2bn.<\/p>\n
\u201cWe are now only awaiting the confirmation of a $1bn commitment from one friendly country. After that, all their requirements to conclude the staff-level agreement will be complete. Following that, it takes two more weeks to take the matter into the board meeting.\u201d<\/p>\n
Dar acknowledged that there was a new development with the IMF deal over the past few weeks due to the \u201ccross subsidy\u201d in the works regarding fuel prices.<\/p>\n
He said that the subsidy involved charging more to the affluent and providing relief to the underprivileged, adding that it had nothing to do with the budget. \u201cWe also had several rounds of communication with the IMF. As soon as that news broke they asked us \u2018What are you trying to do?\u2019 We gave them a satisfying answer because that subsidy is not a part of the budget.\u201d<\/p>\n
Dar did hint that the hold-up to the ninth review had more to do with the IMF\u2019s part than the government\u2019s.<\/p>\n
\u201cWhen I went to the IMF with my delegation in October 2022, I invited them to Pakistan for the ninth review, which is technically the September 2022 review,\u201d he said. \u201cFor unknown reasons, they finally came to Pakistan on January 2023.\u201d<\/p>\n
Regarding his now cancelled US trip, the finance minister said that he was scheduled to participate in the spring meetings of the IMF and World Bank. \u201cThese are routine rituals, however, a constitutional crisis has been created in Pakistan.\u201d<\/p>\n
Dar pointed at the Supreme Court\u2019s orders for the federal government to\u00a0give $21bn for elections\u00a0in Punjab by April 10. \u201cOf course, the finance ministry and the cabinet have an important responsibility in this regard, and I\u2019m a part of it,\u201d he said.<\/p>\n
\u201cDue to these circumstances and on the prime minister\u2019s directives, I have dropped my plan to visit Washington [physically]. This is not an unusual thing. Virtual meetings took place during Covid. I will be attending the World Bank, and IMF meetings that I\u2019m required in from Islamabad.\u201d<\/p>\n
The minister said that even though he won\u2019t be attending the meetings in person, a delegation representing Pakistan will be there.<\/p>\n
\u201cIt\u2019s astonishing that some are saying that I have been told not to go by the IMF. The IMF cannot tell me not to attend. Pakistan is a member of the World Bank and the IMF. It is not a beggar,\u201d he said.<\/p>\n
He accused some analysts of twisting the facts. \u201cSomeone is writing that I did not get the meetings I wanted. Someone else is suggesting that I should have ignored the [domestic] crisis and gone anyway,\u201d he said.<\/p>\n
\u201cThese are national issues and such loose talk over them is not appropriate.\u201d<\/p>\n
Dar said that despite the worst of the liquidity crisis, the country did not delay its global sovereign payments of $11bn by \u201ceven a minute\u201d. \u201cTherefore, for God\u2019s sake, please do not portray a picture that harms your own country\u2019s interests.\u201d<\/p>\n
ENDS<\/p>\n","protected":false},"excerpt":{"rendered":"
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