ISLAMABAD
\nThe International Monetary Fund (IMF) has welcomed the commitments made by Pakistan\u2019s friendly countries to assist the cash-strapped South Asian country in reviving its months-long delayed $1.1 billion IMF loan tranche.
\nNathan Porter, the IMF\u2019s Mission Chief to Pakistan, welcomed the announcement of financial assistance from the South Asian nation\u2019s \u201ckey\u201d friendly countries, saying that the Washington-based Fund backs the efforts of the Pakistani authorities.
\nPakistan has less than a month\u2019s worth of foreign exchange reserves and is awaiting a bailout package of $1.1 billion from the IMF that has been delayed since November over issues related to fiscal policy adjustments.
\nTo unlock the funding, the government has cut back on subsidies, removed an artificial cap on the exchange rate, added taxes and raised fuel prices.
\nA Pakistani delegation comprising top officials of the finance ministry and the central bank is currently in Washington to attend the Spring meetings of the IMF.
\nFinance Minister Ishaq Dar yesterday said that the United Arab Emirates (UAE) has confirmed to the International Monetary Fund (IMF) that it will provide support of $1 billion to Pakistan.
\n\u201cUAE authorities have confirmed to IMF for their bilateral support of US $1 billion to Pakistan,\u201d Dar said in a tweet.
\nDar added that the State Bank of Pakistan (SBP) was now \u201cengaged for needful documentation for taking the said deposit from UAE authorities\u201d.
\nThe IMF\u2019s managing director Kristalina Georgieva said the previous day the fund was also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme.
\nIMF chief Kristalina Georgieva has hoped that Pakistan won\u2019t face Sri Lanka and Ghana-like situations. \u201cPakistan won\u2019t default. \u201cIt is best not to get there, and currently, we are not there yet,\u201d IMF Managing Director Kristalina Georgieva said at a news briefing in Washington.
\nThe IMF and Pakistani officials, she said, were also discussing how to support Pakistan \u201cin terms of providing financial assurances so we can complete the programme\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The International Monetary Fund (IMF) has welcomed the commitments made by Pakistan\u2019s friendly countries to assist the cash-strapped South Asian country in reviving its months-long delayed $1.1 billion IMF loan tranche. Nathan Porter, the IMF\u2019s Mission Chief to Pakistan, welcomed the announcement of financial assistance from the South Asian nation\u2019s \u201ckey\u201d friendly countries, saying […]<\/p>\n","protected":false},"author":2,"featured_media":326125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-326082","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n