Mohammed Sohail Analysis On Pakistan And IMF Agreement Extension | Dunya Kamran Khan Kay Sath
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- Опубліковано 29 тра 2023
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Pakistan will share its upcoming budget details with the International Monetary Fund (IMF) in order to unlock stalled funds, Finance Minister Ishaq Dar said on Sunday.
Hopes for a resumption of an IMF deal are diminishing, analysts say, with a bailout programme agreed in 2019 due to expire on June 30 at the end of the 2022-23 fiscal year.
Dar said he would like the IMF to clear its 9th review before the budget, which is due to be presented in early June, as all the conditions for that had already been met.
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The IMF funding is crucial for the $350 billion South Asian country, which faces an acute balance of payments crisis. This has raised concerns of a sovereign default, something which the minister dismissed.
The central bank's foreign reserves have fallen as low as to cover barely a month of controlled imports. Pakistan's economy has slowed, with an estimated 0.29% GDP growth for 2022-2023.
"They have asked for some more things again, we are ready to give that too, they say that give us budget details, we will give it to them," Dar said in an interview with local Geo TV.
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He said it would not work for Pakistan if the IMF combined the 9th and 10th review of the bailout, adding, "We will not do it, (we) see this is (as) unfair."
The IMF's $1.1 billion funding to Pakistan, which is part of the $6.5 billion Extended Fund Facility agreed in 2019, has been held up since November.
Islamabad hosted the IMF mission in February to negotiate a series of fiscal policy measures to clear the 9th review.
Pakistan had to complete a series of prior actions demanded by the IMF, which included reversing subsidies, a hike in energy and fuel prices, jacking up its key policy rate, a market-based exchange rate, arranging for external financing and raising over 170 billion rupees ($613 million) in new taxation.
The fiscal adjustments have already fuelled Pakistan's highest ever inflation, which hit 36.5% year-on-year in April.
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Reporting by Asif Shahzad; Editing by Alexander Smith
Our Standards: The Thomson Reuters Trust Principles.
Asif Shahzad
Thomson Reuters
Shahzad is an accomplished media professional, with over two decades of experience. He primarily reports out of Pakistan, Afghanistan regions, with a great interest and an extensive knowledge of Asia. He also reports on politics, economy, finance, business, commodities, Islamist militancy, human rights
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May Allah Protect us and Our Country From IMF and Corrupt And Criminal Mafia Aameen...
Pakistan main business total zakaat ada krain Pakistan ka Sara qarz nill ho jay Pakistan Khush haal ho jay ga
Corrupt PDM and our loser military establishment are not paying Zakath but those baggers are accepting charity and Zakath from the globe irrespective of religion.
بھولے بادشاہو جب کرپٹ ترین لوگوں کو اوپر بٹھا دیا جائے گا تو خیر کی توقع کرنا اپنے آپ کو بے وقوف بنا نا ہے۔
I urge people please do not send your hard earned money through banking channels.
Jub tuk politically stability nahi ho gee kuch bhee nahi ho GA. Dollar July Kay end may 350 ka dollar ho jaye GA.
FATF will put Pakistan in Grey list again if they don't control forex rate and Hawala transactions, Pak don't fit in IMF loan criteria
NO, IMF funds till internally politics are not stable, that is very good news to normalize internal issue in my point of view.
No imf funds till china gives $10 bn.
Yeah government rahi to 2024 to 2028 tuk bht bura hall ho GA
Sir ye jo sare pakistan ke assemblys MPA / MNA or senator bethen en sub se five ya ten core lean to IMF ke kiya zaroorat hai jnl asim Muneer sahib ko bolo ke en sub ko pakere or payment wapis bus 5/10 core to zabardast ho jaega or ap media wale bi hath halka rakha kareen bhai jaan ap logon ne bi pakistan ko bara nuqsan the ya hai afsos hai 😢
Kashmir mai jehad karo.....sab accha ho jayega
Maa chod denge agar koi bhi ab kashmir aaya 😂😂