Page 18 - Imf

Pak should break addiction to IMF bailouts, use crisis as an opportunity

The IMF's bailout package - the 23rd for Pakistan since its independence in 1947 - was suspended in November 2022 because the government had not acted on the IMF's conditions for the loan

Pakistan, IMF discussing $2.5 bn on 'short-term standby arrangement'

Cash-strapped Pakistan and the IMF are discussing a new short-term standby arrangement (SBA) worth about USD 2.5 billion to get the country through the political transition to the newly-elected government in the second quarter of the current fiscal year, according to a media report on Wednesday. Pakistan's ninth review by the International Monetary Fund (IMF) under the 2019 Extended Fund Facility (EFF) for the release of a USD 1.2 billion tranche is still pending with the programme's expiry on June 30. A new short-term six to nine months standby arrangement (SBA) is being discussed by Pakistan and the IMF worth about USD 2.5bn, the remaining part of the EEF expiring on June 30, the Dawn newspaper reported. Pakistan Prime Minister Shehbaz Sharif on Tuesday discussed the IMF programme with IMF Managing Director Kristalina Georgieva and expressed hope that coordination on the points of the bailout programme would lead to a decision from the global lender in a day or two, a statement

Pak PM Sharif asks IMF chief for early release of stalled bailout fund

Pakistan Prime Minister Shehbaz Sharif held a phone call with IMF Managing Director Kristalina Georgieva on Tuesday during which he expressed hope that the global lender would announce a decision on the release of the bailout fund within a day or two. Pakistan's ninth review by the International Monetary Fund under the 2019 Extended Fund Facility (EFF) for the release of a USD 1.2 billion tranche is still pending with fewer than 10 days remaining until the programme's expiry on June 30. Sharif discussed the IMF programme with Georgieva and expressed hope that coordination on the points of the bailout program would lead to a decision from the global lender in a day or two, a statement by the PM Office said. Pakistan signed a USD 6.5 billion package with the Washington-based IMF in 2019. The plan was derailed several times and the full reimbursement is still pending due to insistence by the donor that Pakistan should complete all formalities. The prime minister also reiterated his .

Pakistan's parliament approves revised 2023-24 budget to clinch IMF deal

The IMF in mid-June expressed dissatisfaction with the country's initial budget, saying it was a missed opportunity to broaden the tax base in a more progressive way

Pak to raise Rs 215 bn through taxes to fulfil IMF loan conditions: FM Dar

Pakistan will raise Rs 215 billion through taxes to meet the stringent conditions set by the IMF, Finance Minister Ishaq Dar said on Saturday, as the cash-strapped government tried to meet the conditions set by the IMF for a much-needed loan. Speaking at the closing of a three-day-long general discussion with the International Monetary Fund (IMF) on the budget for the financial year 2023-24 held in the National Assembly, Dar said that Pakistan is trying to fulfil all the formalities the global lender wants them to complete prior to availing the loan. As a result of the talks with IMF, for the fiscal year 2023-24, the final taxes of only Rs 215 billion (approximately USD 750,400,000) have been agreed, ensuring that it will not burden the poor and middle segments of the society, he said. The announcement was made by Dar two days after IMF Managing Director Kristalina Georgieva urged Pakistan's Prime Minister Shehbaz Sharif to resolve policy differences at the global lender's staff lev

IMF chief asks Pak PM to resolve policy differences before getting loan

IMF Managing Director Kristalina Georgieva has urged Pakistan's Prime Minister Shehbaz Sharif to resolve policy differences at the global lender's staff level prior to getting a much-needed loan to stabilise the cash-strapped country's economy, according to a media report. Georgieva said this during her meeting with Prime Minister Shehbaz Sharif that took place on Thursday on the sidelines of the New Global Financial Pact summit in Paris, The Express Tribune reported on Thursday. "Prime Minister Sharif met IMF MD Kristalina Georgieva. During the meeting she emphasised and insisted that all the policy matters should be resolved at the IMF staff level," the report said. The International Monetary Fund (IMF) signed a deal in 2019 to provide USD 6 billion to Pakistan on the fulfilment of certain conditions. The plan was derailed several times and the full reimbursement is still pending due to insistence by the donor that Pakistan should complete all formalities. During the meeting, ..

Pak FM Dar allegedly harasses journalist over question on elusive IMF deal

Pakistan's Finance Minister Ishaq Dar has found himself at the centre of a controversy for engaging in a heated exchange with a journalist, who accused the politician of slapping him over a question about the stalled IMF deal. The incident occurred on Thursday when Dar was leaving the parliament premises after addressing a National Assembly session when he was approached by journalist Shahid Qureshi, the Dawn newspaper reported. In a video that has gone viral on social media, the reporter can be seen asking Dar if he would be willing to talk and the minister responded he had just finished speaking. Qureshi then inquired about the progress of the stalled International Monetary Fund (IMF) programme and referred to Prime Minister Shehbaz Sharif's recent meeting with IMF Managing Director Kristalina Georgieva. While Dar, 73, did not reply to the questions, the journalist persisted and questioned the government's failure to secure the USD 1.1 billion deal from the Washington-based globa

World Bank unveils debt payment pause, IMF touts $100 bn for poorest

An announcement about Zambia's debt was also expected later on Thursday after its creditors indicated this week a restructuring proposal was nearly ready after more than two years of negotiations

What is China's position on restructuring debt owed by poor nations?

China wants multilateral lenders like the International Monetary Fund (IMF) and World Bank to absorb some of the losses, which those institutions and many developed nations

Iraq president ratifies record $152 bn budget, IMF says 'too rosy'

Iraq's president on Wednesday approved a record USD 152 billion budget that the parliament voted on earlier this month and which adds about half a million public sector jobs. Iraqi President Abdul Latif Rashid ratified the budget, which has a projected deficit of USD 48 billion. Parliament last week voted on the draft, six months into the fiscal year and after months of negotiations. The main sticking point during the talks was the distribution of oil revenue between the central government in Baghdad and the semi-autonomous Iraqi Kurdish region in the north. The approved draft consolidates Baghdad's authority over the oil sector and allocates 12.6 per cent of the revenue to the Kurdish region. The Iraqi Kurdish local government will be allowed to sell its own oil but will have to deposit the revenue first in a bank account that officials from the central government can monitor. Baghdad will then deduct that amount from its monthly allocation to the Kurdish regional government and ..

Pakistan Finance Minister Dar meets US envoy; discusses stalled IMF loan

Pakistan Finance Minister Ishaq Dar met US Ambassador Donald Blome on Wednesday as the cash-strapped country scrambled to get a stalled loan from the IMF to push back the threat of a looming default. Islamabad had inked a deal with the Fund in 2019 to get a USD 6.5 billion package, but at least USD 2.4 billion has not been released as the Fund says 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. 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. Dar also informed the ambassador about his government's budgetary measures to reduce the fiscal gap to meet its national as well as international financial obligations, the statement said. He shared the economic policies and priorities of the ...

IMF working hard on global central bank digital currency platform

The IMF wants central banks to agree on a common regulatory framework for digital currencies that will allow global interoperability

Moody's warns 'highly uncertain' funding prospects for Pak until elections

Moody's has warned that Pakistan's ability to secure loans from bilateral and multilateral partners will be severely constrained until new programme is negotiated with International Monetary Fund

Foreign powers want Pak to default like Sri Lanka, claims FM Ishaq Dar

Pakistan Finance Minis­ter Ishaq Dar continued with his "contradictory" approach with the International Monetary Fund (IMF), alleging that geopolitics was behind a stalled loan programme

Israel's judicial reform could prompt hi-tech cos to relocate abroad: IMF

A report by the International Monetary Fund (IMF) cautioned that the uncertainty caused by the Israeli government-proposed judicial reform could prompt Israeli hi-tech companies to relocate abroad

IMF criticises Pakistan's tax scheme, calls budget 'missed opportunity'

The IMF on Wednesday said that the proposed budget missed the opportunity to broaden the tax base

IMF raises issues with Pak's FY23-24 budget; calls it 'missed opportunity'

The IMF has raised several issues in Pakistan's budget for the fiscal year 2023-24, calling it a "missed opportunity" but expressed its readiness to work with the cash-strapped country to refine the budget ahead of its passage in Parliament. The government unveiled a Rs 14.4 trillion budget for 2023-24 in the National Assembly last week as it battled to fend off a looming default due to shrinking foreign reserves. A day before its tabling, IMF Resident Representative for Pakistan, Esther Perez Ruiz, said Pakistan needed to satisfy the Washington-based lender on three counts, including the budget for the upcoming fiscal year before its board reviews whether to release at least some of the USD 2.5 billion pending disbursement under the 2019 Extended Fund Facility (EFF) set to expire at the June end. In a statement late on Wednesday, Ruiz said that a new tax amnesty scheme proposed by the government in the budget sets a damaging precedent and runs against the programme's conditionality

Pak may fail to restart $6.7 bn bailout, default on sovereign debt: Moody's

Moody's Investors Service has warned that Pakistan is at an increased risk of failing to restart its $6.7 billion bailout programme with the International Monetary Fund (IMF)

All conditions met, no hurdle left in striking IMF deal: Pak PM Shehbaz

Prime Minister Shehbaz Sharif has expressed his optimism that Pakistan, which has fulfilled "all the preconditions" of the IMF, will still be able to sign a staff-level agreement with the global lender to revive the stalled bailout programme for the cash-strapped country. Sharif's remarks came as many believe that Pakistan's chances for the revival of the current USD 6.5 billion IMF programme have almost diminished before it expires on June 30. Out of the USD 6.5 billion package, the IMF has not yet disbursed $2.6 billion to Pakistan. Addressing a ceremony here on Sunday, Sharif still appeared optimistic about that deal with the global lender and while referring to the government's plan B, said, If the agreement with the IMF is (further) delayed, then I will address you. The International Monetary Fund (IMF) signed a deal in 2019 to provide USD 6 billion to Pakistan on fulfilment of certain conditions. The plan was derailed several times and the full reimbursement is still pending

Pakistan finance minister hints at 'Plan B' as IMF loan remains locked

Apparently writing off the International Monetary Fund (IMF) programme, Pakistan Finance Minister Ishaq Dar has hinted at the government's so-called 'Plan B', Pakistan-based Dawn reported