Even after accepting strict conditions, IMF’s demand is do more
International lender IMF says if staff level agreement is to be completed, Pakistan should first give a written assurance of foreign exchange reserves of $10 to $12 billion from friendly countries
Domor’s demand from the International Monetary Fund (IMF) sought written assurances from friendly countries for foreign exchange reserves of 10 to 12 billion dollars by June.
The government’s efforts to restore the loan agreement between Pakistan and the IMF are ongoing, but in this regard, another demand from the IMF has come to the fore.
It should be noted that Pakistan has implemented all the pre-conditions. Now the condition has come from the IMF that written assurance will be provided by the countries from which the financing has to be done by June 30.
Written assurances should be provided by Saudi Arabia, Qatar and the EU. Written assurances must be provided by the Executive Director at the IMF of these countries.
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The Government of Pakistan has mobilized to obtain written assurances from these countries. In this regard, along with the Ministry of Finance, the Prime Minister’s Office has also become active.
Pakistani officials hope to get written assurances soon. Pakistan has completed the implementation of all the preconditions given by the IMF. The last condition was not to borrow directly from commercial banks.
Pakistan has also agreed to this condition. Pakistan and IMF officials have also completed negotiations on a revised “MEFP.” Pakistan wants the staff-level agreement to be approved at the Executive Board meeting in the spring.
Officials from the Ministry of Finance and Foreign Affairs have stepped up their diplomatic efforts to persuade Saudi Arabia, Qatar and the UAE. Finance Minister Ishaq Dar and Foreign Minister Bilawal Bhutto have become more active in this regard.
