ISLAMABAD: Despite assurances from Saudi Arabia and United Arab Emirates about external funds to Pakistan, International Monetary Fund (IMF) is asking Pakistan to ‘do more’ to unlock stalled loan programme. Staff-level agreement between Pakistan and International Monetary Fund is again ‘delayed’ as international lender has put new demand.

As per details, meeting of Finance Secretary Hamid Yakoob in US remained ‘unfruitful’ with International Monetary Fund as international lender has given plan to arrange $ 1 billion from commercial banks to unlock loan programme. Staff-level agreement was supposed to be signed on February 9 but had been delayed after then over IMF’s demands. Sources said that IMF also has objections to petrol subsidy scheme. Earlier, International Monetary Fund welcomed commitments made by Pakistan’s friendly countries to assist cash-strapped South Asian country in reviving its months-long delayed $ 1.1 billion IMF loan tranche. Nathan Porter, IMF’s Mission Chief to Pakistan, welcomed announcement of financial assistance from South Asian nation’s “key” friendly countries, saying that Washington-based Fund backs efforts of Pakistani authorities.

Published in The Daily National Courier, April, 22 2023

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