Finance Minister Ishaq Dar on Saturday came out to explain that Prime Minister Shehbaz Sharif had requested him to postpone his visit to the US, denying that International Monetary Fund (IMF) officials had asked him to. Barred from attending the spring meeting of the Bretton Woods Institutions in Washington, DC.
In an impassioned speech, Dar dismissed rumors that officials from the multilateral lenders had refused to meet him at the World Bank-International Monetary Fund (IMF) spring meetings.
The finance minister clarified that he postponed his visit to America on the request of Prime Minister Shehbaz Sharif.
“Pakistan is a member of the IMF and not a beggar,” Dar said, decrying rumors that he decided to postpone his visit because of resistance from the Washington-based lender.
He asserted that the IMF “cannot prevent me from attending the spring meetings”.
Dar was expected to attend the World Bank-IMF spring meeting in Washington from April 10 to 16.
Meanwhile, he was also scheduled to meet IMF management to discuss removing obstacles to revive the derailed $6.5 billion program.
Islamabad has been in talks with the IMF since late January to release $1.1 billion from the $6.5 billion bailout package agreed in 2019. , raised taxes and hiked fuel prices.
However, assurances of additional funds from friendly countries have delayed the agreement.
The finance minister – who was sworn in in September last year – said these were routine rituals, stressing that “a constitutional crisis has arisen in Pakistan.”
“The Ministry of Finance has a huge responsibility to distribute funds to the Election Commission of Pakistan (ECP) in the light of the Supreme Court’s April 4 judgment.
Earlier this week, the Supreme Court quashed the ECP’s decision on Punjab and Khyber Pakhtunkhwa (KP) elections, ordering early elections in Punjab on May 14 – a persistent demand. was forced by the Pakistan Tehreek-e-Insaf (PTI). After Chairman Imran Khan dissolved the Assemblies of the two provinces…
He said that the Supreme Court has ordered the federal government to give 21 billion dollars for elections in Punjab by April 10. “They said.
“Due to these circumstances and at the prime minister’s direction, I have abandoned plans to [physically] visit Washington. This is not unusual. Virtual meetings have taken place during COVID. I am the World Bank and I will attend IMF meetings which I need from Islamabad.
The minister said that although he would not personally attend the meetings, a delegation representing Pakistan would include State Bank of Pakistan Governor Jameel Ahmad, Finance Secretary Hamid Yaqoob Shaikh and Economic Affairs Secretary Kazim Niaz.
‘Pakistan has fulfilled all the requirements’
Allaying concerns over the delay in the staff-level agreement with the IMF, the finance minister said that what was required to complete the long-delayed ninth review from Pakistan was “now complete”. .
Dar, however, added that the final thing that was needed was a confirmation of the $1 billion pledge from a friendly country.
Dar said the government had done all it needed to do to get rid of the ninth review. He said that at the time of the seventh and eighth reviews, two friendly countries had informed the IMF in writing of their offer to assist Pakistan in its external account.
He said that there was a delay of two months from mid-February due to this reason. “In the last two weeks, one of our friendly countries has reconfirmed to them (IMF) $2 billion [commitment to help Pakistan].
“We are now just waiting for confirmation of the $1 billion pledge from a friendly country. After that, all their requirements will be met to finalize the staff-level agreement. After that, the board It will take another two weeks to take up the matter in the meeting.
The finance czar also addressed speculation that the petrol subsidy announcement angered fund officials, leading to further delays.
“We also made several rounds of communication with the IMF. As soon as the news broke, they asked us, ‘What are you trying to do?’ There is no part.
