Amid a dire economic crisis, the finance minister of a cash-strapped Pakistan met US Ambassador Donald Blome on Wednesday to get a stalled loan from the IMF to push back the threat of a looming default.
In 2019, Pakistan inked a deal with the International Monetary Fund to seek a $6.5 billion package. However, the economic body has not released as much as $2.4 billion of that package yet as Pakistan has been unable to meet important prerequisites. The programme is set to lapse on June 30, leaving Pakistan more vulnerable than ever to meet external payments.
Finance Minister Ishaq Dar informed the US envoy about the progress on talks with the Washington-based global lender while expressing his government’s commitment to complete the programme, according to a statement issued by the Ministry of Finance.
He also briefed the US envoy about his government’s budgetary measures to reduce the fiscal gap to meet its national as well as international financial obligations.
He shared the economic policies and priorities of the government to address the challenging environment and set the economy on the path to stability and growth, an official statement added.
The two sides also exchanged views about areas of common interest and how the existing bilateral relations between the two countries can be enhanced further, the statement read.
The statement added that after the meeting, Blome expressed confidence in the policies and programmes of the Pakistani government.
Pakistan was expected to get around USD 1.2 billion from the IMF in October last year as part of the EFF’s ninth review, which would have helped it to access other multilateral and bilateral donors, who are currently reluctant to provide any loans. But almost eight months later, that tranche has not materialised as the Fund says Pakistan has been unable to meet important prerequisites.
With inputs from PTI
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