WASHINGTON, Oct 16(ABC): Finance Minister Senator Ishaq Dar on Sunday called for greater policy support from the International Monetary Fund (IMF) among other multilateral donors in Washington DC, US.
It may be noted here that Dar is presently leading Pakistan’s delegation in the IMF-World Bank’s 2022 annual meetings being held in Washington DC.
Other delegates include Sardar Ayaz Sadiq, federal minister for economic affairs, Dr Aisha Ghaus Pasha, minister of state for finance & revenue, Jameel Ahmed, governor of State Bank of Pakistan, Hamed Yaqoob Sheikh, finance secretary, Dr Kazim Niaz, secretary economic affairs division and Ali Tahir, additional secretary, Finance Division.
The statement came as part of a press release following a high-level meeting between IMF’s Managing Director Kristalina Georgieva and representatives from the Middle East, North Africa, Afghanistan, and Pakistan (MENAP).
She expressed her deep sympathies with Pakistan and assured the country of the IMF’s full support.
Thanking the MD for expressing her sympathies, Dar took the opportunity to reiterate his commitment to complete the fund program despite challenges.
The finance minister also highlighted the humanitarian catastrophe and losses suffered by the country and called for more policy support for Pakistan considering the magnitude of the devastation faced.
Welcoming the new IMF instruments like Resilience and Sustainability Trust (RST) and Food Shock Window under Rapid Financing Instrument (RFI) to support countries struggling with various challenges, Dar called for greater policy support from the IMF and other multilateral donors.
Addressing a meeting of MENAP ministers of finance and central bank governors with the Managing Director IMF Kristalina Georgieva, Finance Minister Ishaq Dar urged IMF to tailor its response to the situation in Pakistan and similar countries, by taking into consideration the serious economic, social and political challenges that these countries face in the backdrop climate-induced calamities.
The minister and governor of the SBP also met Her Majesty Queen Maxima of the Netherlands on the sidelines of the annual meetings of IMF-WB to discuss financial inclusion and banking on equality. The two sides reiterated their commitment to work together to achieve fast progress in the subjects discussed.
Additionally, Dar met the Director General of Kuwait Fund (KF) Marwan Abdullah Yusuf Thunayan Al- Ghanem. The minister appreciated the contribution of KF to Pakistan’s economic development and discussed ongoing projects and potential new areas of investment.
Furthermore, Dar met his Libyan counterpart Khaled Al-Mabrouk and the two discussed issues of mutual interest.
In an interview with Reuters yesterday, Dar had ruled out the possibility of a default on the country’s debt, an extension of the maturity date on bonds due in December or a renegotiation of the current International Monetary Fund programme.
The minister had said multilateral development banks and international donors have been “quite flexible” with ways to meet the country’s external financing needs estimated at about $32 billion after devastating floods.