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Friday, July 19, 2024  
12 Muharram 1446  

Pakistan reiterates it has completed all requirements for bailout

Finance minister says all international obligations have been addressed in time
Finance Minister Senator Ishaq Dar attends IMF/World Bank Spring meetings via Zoom from Islamabad on April 13, 2023. Photo via Twitter/@FinMinistryPak
Finance Minister Senator Ishaq Dar attends IMF/World Bank Spring meetings via Zoom from Islamabad on April 13, 2023. Photo via Twitter/@FinMinistryPak
IMF Deputy Managing Director Antoinette Moniso Sayeh and other officials during the IMF/World Bank Spring meetings on April 13, 2023. Photo via Twitter/@FinMinistryPak
IMF Deputy Managing Director Antoinette Moniso Sayeh and other officials during the IMF/World Bank Spring meetings on April 13, 2023. Photo via Twitter/@FinMinistryPak

Pakistan has completed all requirements to receive critical bailout money from the International Monetary Fund (IMF), the country reiterated following a meeting with the lender on Thursday.

Pakistan has less than a month’s worth of foreign exchange reserves and is awaiting a bailout package of $1.1 billion from the IMF that has been delayed since November over issues related to fiscal policy adjustments.

The funds, which can only be released after signing a staff level agreement (SLA), are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical for Pakistan to avert defaulting on external payment obligations.

“The finance minister further shared that all prior actions for 9th Review under the Extended Fund Facility have already been completed and Government of Pakistan is fully committed to fulfill its obligations as agreed with the IMF,” the finance ministry said in a news release.

The statement said discussions included economic and financial policies, reforms and initiatives to implement ongoing IMF programs.

It added that Antoinette Moniso Sayeh, deputy managing director at the IMF, supported continuing to work together and was confident of signing the SLA very soon.

“The finance minister also shared that all the international obligations have been addressed in time,” it added.

On Wednesday, Pakistan’s finance ministry release a statement following talks with the IMF’s Middle East and Central Asia Director Jihad Azour.

“Mr. Jihad Azour expressed confidence that SLA expected to be signed soon which to be followed by the Board’s approval for the 9th Review,” said the ministry in a tweet.

Pakistan’s finance minister canceled a visit to Washington for spring meetings of the International Monetary Fund and World Bank, citing domestic political turmoil, but has been attending virtually.

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Ishaq Dar

economy

Finance

Finance Ministry