In a recent statement issued by the Ministry of Finance, it was revealed that Finance Minister Ishaq Dar had a meeting with the U.S. Ambassador to Pakistan during Bloom. The purpose of the meeting was to inform the ambassador about the progress made on the ongoing talks with the International Monetary Fund (IMF). This meeting also served as an opportunity for the Finance Minister to convey the government’s commitment to successfully complete the program with the lender. However, Pakistan’s ninth review by the IMF under the 2019 extended fund facility for the release of 1.2 billion dollars remains pending, with less than 10 days remaining until the program’s expiry on June 30th. Furthermore, last week the IMF raised concerns regarding Pakistan’s budget for the fiscal year 2024, stating that some of the proposed measures were in conflict with the conditions set forth by the extended fund facility program.
Meeting Between Finance Minister Ishaq Dar and U.S. Ambassador
During the meeting between Finance Minister Ishaq Dar and the U.S. Ambassador to Pakistan, discussions revolved around the progress made in the ongoing talks with the IMF. This meeting held significant importance as it not only aimed to update the U.S. Ambassador on the developments but also to emphasize the government’s determination to successfully complete the program with the lender.
The Finance Minister highlighted the efforts made by Pakistan to meet the conditions set by the IMF, demonstrating the government’s commitment to economic reforms and stability. The discussions also addressed the challenges faced by Pakistan in implementing the required measures and the steps taken to overcome them.
Pending Ninth Review by the IMF
Despite the efforts and progress made by Pakistan, the ninth review by the IMF remains pending. This review is crucial for the release of 1.2 billion dollars under the extended fund facility. With less than 10 days remaining until the program’s expiry on June 30th, it becomes imperative for Pakistan to address the concerns raised by the IMF and fulfill the conditions to secure the release of the funds.
IMF Concerns Regarding Pakistan’s Budget
Last week, the IMF expressed concerns regarding Pakistan’s budget for the fiscal year 2024. The IMF highlighted that some of the proposed measures in the budget were not in line with the conditions set by the extended fund facility program. These conditions are crucial for Pakistan to receive financial assistance and ensure economic stability.
It is essential for Pakistan to address these concerns raised by the IMF in a timely manner. The government needs to reassess the proposed measures and make necessary amendments to align them with the conditions set forth by the extended fund facility program. By doing so, Pakistan can demonstrate its commitment to fulfilling the requirements and pave the way for the successful completion of the program.
Conclusion
The meeting between Finance Minister Ishaq Dar and the U.S. Ambassador to Pakistan provided an opportunity to discuss the progress made on the ongoing talks with the IMF. It also served as a platform to convey Pakistan’s commitment to completing the program with the lender. However, the ninth review by the IMF remains pending, and concerns have been raised regarding Pakistan’s budget for the fiscal year 2024. Pakistan must address these concerns and make the necessary amendments to ensure compliance with the conditions set by the extended fund facility program. By doing so, Pakistan can secure the release of funds and continue its journey towards economic stability and growth.
