- On the sidelines of the Geneva meeting, IMF officials had a “good meeting” with Finn Minn.
- “We will do everything possible to comply with the terms and conditions of the IMF,” says the prime minister.
- Britain encouraged Pakistan to complete the ninth review of the IMF programme.
GENEVA: Prime Minister Shahbaz Sharif on Monday asked the International Monetary Fund (IMF) to hold off on calls for economic reforms before releasing more financial aid, as the country tries to rebuild after devastating floods. .
At a press conference in Geneva, Switzerland, Prime Minister Shehbaz said he was trying to convince the fund to give Islamabad some breathing room as it deals with a “terrible” situation.
The international lender wants Pakistan to withdraw remaining subsidies on petroleum products and electricity, aimed at helping the people.
In Geneva For a conference on Pakistan’s recovery from last year’s devastating monsoon floods, Prime Minister Shehbaz was asked by reporters about the IMF funding freeze.
Pakistan’s economy has collapsed alongside an emerging political crisis, with a falling rupee and inflation at a decade-high, but floods and a global energy crisis have added to the pressure.
PM Shehbaz The office came in April last year before the floods in July and August.
Oh 6 billion dollar agreement from the IMF Negotiations were resumed by the previous government after Pakistan met conditions such as ending fuel subsidies.
But Islamabad has received only half of the funds so far. Last payment in August – With further review of the ongoing package.
“Even before these floods hit Pakistan, we were already facing huge challenges,” he said.
“Yet we had to approach the IMF again and revive an agreement that the previous government had violated – and accept even tougher terms,” Prime Minister Shehbaz said.
He said Pakistan was complying with IMF conditions “to the best of our ability” but asked how the extra burden “on the ground” could be borne by the country’s poorest.
“However, we are committed to the IMF program. We will do everything possible to comply with the terms and conditions. Although I am constantly trying to convince them: please give us a break,” he said. said
‘Be careful’
Prime Minister Shehbaz said that he has spoken to them. Kristalina Georgieva, Managing Director of the IMF Saturday and asked her to “please show compassion and empathy and give us some breathing room.”
“It is an ongoing dialogue. I am sure that one day soon we will be able to convince them through logic and facts.
“He said, regardless, we will comply with the IMF program.”
Economists and businessmen estimate that the country has about three weeks of foreign exchange reserves left for service imports and that a quick cash injection from the IMF is the only way to propel the economy forward.
At the Geneva Conference, Britain encouraged Pakistan to continue its macroeconomic reforms and to end the ninth review of the IMF programme.
Development Minister Andrew Mitchell said it would be much easier for the world to help Pakistan “if Pakistani taxpayers were seen to play a fundamental role in the effort”.
Meanwhile, French President Emmanuel Macron said in the conference that Paris is ready to support Pakistan in negotiations with financial institutions.
Dar met with IMF officials.
Pakistan reiterated its commitment to complete a program with the lender of last resort at a meeting on the sidelines of the Geneva Moot on Monday, the finance ministry said in a statement.
Finance Minister Ishaq Dar and IMF officials “discussed challenges facing regional economies in the context of climate change,” according to a statement issued after the meeting. “[The] The finance minister reiterated his commitment to complete the fund programme.
“It was a good meeting, but I don’t have anything to say,” said Athanasios Arvanitis, deputy director of the IMF’s Middle East and Central Asia Department. Reuters Immediately after it was over.