ISLAMABAD: Finance Minister Ishaq Dar urged International Monetary Fund (IMF) and multilateral donors to provide greater policy support. He asked IMF to tailor its response to situation in Pakistan and similar countries by taking into consideration serious economic, social and political challenges that they face amid climate-induced calamities, according to a press release issued by finance ministry.

Dar made remarks while addressing a meeting of Menap (Middle East, North Africa, Afghanistan and Pakistan) ministers of finance and central bank governors with IMF Managing Director Kristalina Georgieva. During meeting, Goergieva spoke about challenges regional economies were facing, including those related to climate change, such as destructive floods in Pakistan.

Dar thanked IMF official for her support and assured Pakistan’s commitment to completing ongoing programme. Dar welcomed new IMF instruments, Resilience and Sustainability Trust (RST) and Food Shock Window under Rapid Financing Instrument (RFI) to support countries.

Dar who is on a week-long visit to US to attend annual meetings of World Bank and IMF had another busy day as he held multiple meetings with officials of other countries and international financial institutions. Separately, Dar, along with State Bank of Pakistan Governor Jameel Ahmed met Queen Maxima of Netherlands to discuss financial inclusion and equality in banking. Two sides reiterated their commitment to work together to achieve fast progress, finance ministry said in a press release.

In his meeting with Director General of Kuwait Fund Marwan Abdullah Yusuf Thunayan Al-Ghanem, finance minister appreciated fund’s contribution to Pakistan’s economic development.

He discussed ongoing projects and potential new areas of investment. ADB President assured finance minister of approval of BRACE programme amounting to $ 1.5 billion and continued support to Pakistan. Dar also met International Finance Corporation Managing Director Makhtar Diop with whom he discussed potential means of enhancing IFC’s engagement in Pakistan and assured all facilitation in this regard.

Published in The Daily National Courier, October, 17 2022

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