ISLAMABAD: Finance Minister Ishaq Dar said on Thursday that Pakistan will no longer make harsh decisions based on IMF demands.
Ishaq Dar told the media informally that it is entirely up to the International Monetary Fund (IMF) whether or not to sign a staff-level agreement. He stressed that the government will no longer make difficult decisions in response to IMF demands. “We have previously implemented IMF preconditions, but not any longer.”
He went on to say that the government has a plan in place to repay $3.7 billion in debt in May and June and that it is not having any difficulties. Dar expressed hope that China will also renew Pakistan’s $2.4 billion loan, while the budget will be presented on June 9.
Earlier, the finance minister stated that Pakistan will not fail with or without the International Monetary Fund; nonetheless, the government has completed all IMF-mandated reforms.
While addressing National Security & Economy Dialogue, Ishaq Dar highlighted that Pakistan enjoys key geographical importance in regional commerce. He stated that the restoration of Saudi-Iranian relations is welcome since the resolution of disagreements will promote peace and development in the region.
Dar stated that the government’s first aim is economic stability. The finance minister stated that the administration is awaiting a staff-level agreement with the International Monetary Fund (IMF) and has put in place loan preconditions.
Rejecting claims of default, he stated that analysts are generating an appearance of default and attempting to equate Pakistan to Sri Lanka, but their analysis will be proven incorrect.
He also stated that Pakistan had taken the required steps to meet the IMF’s requirements for a staff-level agreement. Dar stated that the Fund may want additional time to execute the staff-level agreement.
The finance minister pledged that the government will return $3.7 billion in May and June on time. He also stated that global institutions should refrain from making statements about Pakistan’s default.
Ishaq Dar stated that friendly countries will soon fulfill their finance obligations.