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Pakistan is not backtracking from IMF Programme, claims State Minister

The policy of “wait and see” has been adopted by the International Monetary Fund.

Islamabad, 17 May 2023, (GNP): Pakistan’s State Minister for Finance and Revenue Dr Aisha Ghaus Pasha categorically denied media reports on Wednesday and said that Pakistan is not backtracking from the IMF programme. She added that the bailout programme is much-awaited.

Speaking to press, Dr, Aisha said, “We are in touch with the IMF and talks are ongoing between the Federal Board of Revenue (FBR) and Finance Division.”

“We want to continue the programme with IMF as the coalition government has paid a political price while making efforts to meet the conditions laid forth by the Fund,” she added.

Also ReadGovernment subsidy plan raises concerns in IMF

Pakistan likely to scrap IMF programme and turn to China as deadlock persists with IMF

According to media reports earlier, Pakistan is likely to turn China to avoid threat of full fledged eruption of Balance of Payment (BoP) crisis.

Moreover, sources also reported to media that the IMF has adopted a “wait and see” policy as the country continues to suffer from severe political and economic crises.

Also Read: Pakistan needs significant financing for a successful IMF bailout

The reported statement said, “Either the IMF programme will have to be revived through the completion of the ninth review or the programme will be scrapped. We will share no more data with the IMF without completion of the ninth review”.

Dr. Hafiz A Pasha, Pakistan’s former finance minister said that if the IMF did not move forward, we would have no other choice but to ask China to come up with a mechanism to help Islamabad avoid an all out crisis.
Earlier, IMF asked Pakistan to secure additional financial assistance to complete the Ninth Review. Since the agreement in November to give $1.1 billion from the  $6.5 billion bailout package to Pakistan, IMF is delaying the release of the tranche.
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