Pakistan ‘fully committed’ to IMF programme, PM reiterates

1687452586 Pakistan fully committed to IMF programme PM reiterates
Prime Minister Shehbaz Sharif with International Monetary Fund Managing Director Kristalina Georgieva in Paris. — Twitter/@KGeorgieva
Prime Minister Shehbaz Sharif with Worldwide Financial Fund Managing Director Kristalina Georgieva in Paris. — Twitter/@KGeorgieva

After assembly the Worldwide Financial Fund’s (IMF) managing director, Prime Minister Shehbaz Sharif has assured the lender’s chief that Pakistan is “totally dedicated” to the continuing Prolonged Fund Facility.

“It was a pleasure to fulfill you and have a productive trade of views on the IMF’s continued engagement with Pakistan,” mentioned PM Shehbaz in response to IMF MD Kristalina Georgieva’s tweet concerning her assembly with him on Thursday.

The premier assured that the federal government is totally dedicated to the continuing Prolonged Fund Facility (EFF) that’s set to run out this month.

“Although all prior actions for the ninth Evaluation have been accomplished, we’re prepared to take additional steps collectively with IMF. Pakistan keenly appears ahead to IMF Board’s approval for the ninth Evaluation on the earliest,” mentioned the PM.

PM Shehbaz met IMF MD earlier at the moment and urged the lender to unlock stalled funds as Pakistan has met all circumstances.

The premier held the assembly on the sidelines of the Summit for a New World Monetary Pact being held in Paris in a bid to guarantee the IMF of the nation’s dedication to fulfilling all guarantees made on this regard.

The 2 exchanged views on the continuing programmes and cooperation between Pakistan and the Wasington-based lender.

Recalling their final phone dialog, the prime minister apprised Georgieva of Pakistan’s financial outlook.

He outlined the steps taken by his authorities for financial development and stability, underscoring that every one prior actions for the ninth assessment underneath the EFF had been accomplished, and Pakistan was totally dedicated to fulfilling its obligations as agreed with the fund.

The prime minister expressed the hope that the funds allotted underneath the EFF could be launched as quickly as potential. “This might assist strengthen Pakistan’s ongoing efforts in the direction of financial stabilisation and convey reduction to its individuals.”

In response, Georgieva shared her establishment’s perspective on the continuing assessment course of.

The assembly supplied a helpful alternative to take inventory of the progress in that context.

Pakistan has barely sufficient forex reserves to cowl one month’s imports. It had hoped to have $1.1 billion of the funds launched in November — however the IMF has insisted on quite a few circumstances earlier than it makes any extra disbursements.

With time for just one final IMF board assessment earlier than the tip of the $6.5 billion EFF, Pakistan was anticipated to current a finances according to programme aims, restore the right functioning of the FX market, and shut the $6 billion hole forward of the board assessment.