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Finance Minister Senator Ishaq Dar on Sunday called for greater policy support from the International Monetary Fund (IMF) among other multilateral donors in Washington DC, US.
It may be noted here that Dar is presently leading Pakistan’s delegation in the IMF-World Bank’s 2022 annual meetings being held in Washington DC.
Other delegates include Sardar Ayaz Sadiq, federal minister for economic affairs, Dr Aisha Ghaus Pasha, minister of state for finance & revenue, Jameel Ahmed, governor of State Bank of Pakistan, Hamed Yaqoob Sheikh, finance secretary, Dr Kazim Niaz, secretary economic affairs division and Ali Tahir, additional secretary, Finance Division.
Read Dar rules out default on debt
The statement came as part of a press release following a high-level meeting between IMF’s Managing Director Kristalina Georgieva and representatives from the Middle East, North Africa, Afghanistan, and Pakistan (MENAP).
Finance Minister Senator Muhammad Ishaq Dar participated in IMF Managing Director’s high level meeting with MENAP Finance Ministers & Governors in Washington DC today.Managing Director IMF highlighted challenges facing regional economies including from Climate Change events(1/3) pic.twitter.com/jTDLcioMbY
According to the statement, Georgieva during the meeting highlighted challenges facing regional economies including climate change – making special note of Pakistan’s damaging floods.
She expressed her deep sympathies with Pakistan and assured the country of the IMF’s full support.
Thanking the MD for expressing her sympathies, Dar took the opportunity to reiterate his commitment to complete the fund program despite challenges.
The finance minister also highlighted the humanitarian catastrophe and losses suffered by the country and called for more policy support for Pakistan considering the magnitude of the devastation faced.
Welcoming the new IMF instruments like Resilience and Sustainability Trust (RST) and Food Shock Window under Rapid Financing Instrument (RFI) to support countries struggling with various challenges, Dar called for greater policy support from the IMF and other multilateral donors.
Addressing a meeting of MENAP ministers of finance and central bank governors with the Managing Director IMF Kristalina Georgieva, Finance Minister Ishaq Dar urged IMF to tailor its response to the situation in Pakistan and similar countries, by taking into consideration the serious economic, social and political challenges that these countries face in the backdrop climate-induced calamities.
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The minister and governor of the SBP also met Her Majesty Queen Maxima of the Netherlands on the sidelines of the annual meetings of IMF-WB to discuss financial inclusion and banking on equality. The two sides reiterated their commitment to work together to achieve fast progress in the subjects discussed.
Additionally, Dar met the Director General of Kuwait Fund (KF) Marwan Abdullah Yusuf Thunayan Al- Ghanem. The minister appreciated the contribution of KF to Pakistan’s economic development and discussed ongoing projects and potential new areas of investment.
Finance Minister Senator Muhammad Ishaq Dar met Marwan Abdullah Yusuf Thunayan Al- Ghanem,DG of Kuwait Fund.Minister appreciated the contribution of Kuwait Fund to Pakistan’s economic development and discussed ongoing projects and potential new areas of investments. pic.twitter.com/pqOjCunEH0
Dar also held a meeting with President Asian Development Bank (ADB) Masatsugu Asakawa where he thanked the organisation for its support over the years as a major development partner of Pakistan and also for the recent post-flood commitments.
Finance Minister Senator Muhammad Ishaq Dar held a meeting with Mr.Masatsugu Asakawa, President Asian Development Bank. He thanked the President ADB for support provided over the years as a major development partner of Pakistan and also for the recent post flood commitments(1/2) pic.twitter.com/ukxsrPXXaS
The ADB president assured the finance minister of approval of the BRACE programme amounting to $1.5 billion and of continued support to Pakistan.
Furthermore, Dar met his Libyan counterpart Khaled Al-Mabrouk and the two discussed issues of mutual interest.
Senator Muhammad Ishaq Dar, Finance Minister of Pakistan, met his Libyan counterpart Khaled Al-Mabrouk. They discussed issues of mutual interest. pic.twitter.com/E2DrRYcNt7
He held a meeting with Managing Director International Finance Corporation (IFC) Makhtar Diop. He appreciated the role of IFC in promoting private sector development in Pakistan and discussed potential means of enhancing IFC engagement in Pakistan, particularly for trade finance.
Finance Minister Senator Muhammad Ishaq Dar met Mr. Makhtar Diop, Managing Director International Finance Corporation (IFC) He appreciated the role of IFC in promoting private sector development in Pakistan.(1/2) pic.twitter.com/myzjXDVw23
He assured all the facilitation required by IFC in this regard while Diop assured the minister of IFC’s continued support to Pakistan.
In an interview with Reuters yesterday, Dar had ruled out the possibility of a default on the country’s debt, an extension of the maturity date on bonds due in December or a renegotiation of the current International Monetary Fund programme.
The minister had said multilateral development banks and international donors have been "quite flexible" with ways to meet the country's external financing needs estimated at about $32 billion after devastating floods.
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