IMF in touch with Pakistan authorities for board meeting

ISLAMABAD: The International Monetary Fund (IMF) mission chief has said that the International Monetary Fund continues engagement with Pakistani authorities, to pave the way for a board meeting before expiry of financing programme.
The current IMF program expires at the end of June 2023.
Talking to foreign media, the IMF mission chief Nathan Porter said that “the engagement will focus on the restoration of foreign exchange, the passage of a FY24 budget consistent with programme goals and adequate financing.”
The staff-level agreement over the 9th review of IMF has been delayed since November, with more than 100 days gone since the last staff-level mission to Pakistan.
Ordinarily, a board meeting on a review of the programme would require a prior staff-level agreement, which would unlock $1.1 billion in financing for Pakistan as part of a $6.5bn IMF package.
Finance Minister Ishaq Dar had earlier said that Pakistan will not default and overcome the economic crisis with or without the International Monetary Fund (IMF).
He said that foreign powers are surprised that Pakistan does not default so far.
He said that former prime minister Imran Khan had destroyed the national economy after coming into power adding that Imran Khan’s government got a $100 billion market from the previous PML-N government, but it was destroyed, and Pakistan had nearly defaulted.
Meanwhile, Finance Minister Ishaq Dar said on Tuesday that Pakistan’s agreement with the International Monetary Fund (IMF) for the programme’s 9th review has not been finalised yet.
While addressing an event at the Federal Board of Revenue (FBR) headquarters, Finance Minister Ishaq Dar said that everyone is aware of the country’s situation and discussions regarding Pakistan’s default had also happened in the past.
“During [the previous tenure of] PML-N government, we stabilized the national economy within three years. Rupee was stable and financial institutions acknowledged the economic status of Pakistan. In 2017, Pakistan was going to become the 24th strong economy in the world which unfortunately fell to 47th number in 2022.”
“We do not have to fall into a blame game but we have to take the country forward. The previous government reversed the economic progress. We are trying to finalise a public and business-friendly budget. We were bound to take tough decisions due to the wrong policies of the PTI government.”
“For staff-level agreement, we have fulfilled all conditions set by the IMF. However, the programme’s 9th review is still pending. We are continuously making efforts to improve the economic situation. It is a difficult time for the economy but there is no need to worry.”
The finance minister said that an untoward incident occurred in Pakistan whenever the country is making progress. He vowed that the government will give maximum relief to the nationals in the next budget. – NNI