\u201cWe look forward to working with new government on policies to ensure macroeconomic stability,\u201d says IMF
\nNEW YORK
\nThe International Monetary Fund (IMF) has expressed willingness to work with the new Pakistani government while ignoring Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan\u2019s demand from the lender to hold an audit of the election results before approving any new loan for Islamabad.
\nAddressing a press briefing, IMF\u2019s Director Communications Julie Kozack said that on January 11, the lender brought total disbursements under the Standby Arrangement (SBA) to $1.9 billion, adding that the programme is \u201csupporting the authority\u2019s efforts to stabilise the economy and to, of course, with a strong focus on protecting the most vulnerable.\u201d
\nThe official also appreciated the interim setup, saying during the caretaker government\u2019s tenure, the authorities have maintained economic stability.
\n\u201cThis has been done through strict adherence to fiscal targets while also protecting the social safety net. It has been done by maintaining a tight monetary policy stance to control inflation and to continue to build up foreign exchange reserves,\u201d she said.
\nThe spokesperson further added that they \u201clook forward to working with the new government on policies to ensure macroeconomic stability and prosperity for all of Pakistan\u2019s citizens.\u201d
\nWhen pressed to comment on the former prime minister Imran Khan\u2019s demand for an audit of poll results, she said, \u201cI\u2019m not going to comment on ongoing political developments.\u201d
\nThe IMF\u2019s statement came in response to the PTI founding chairman\u2019s decision to write a letter to the global lender urging it to call for an audit of the February 8 election before it continues talks with Islamabad for a new loan programme.
\n\u201cImran Khan will issue a letter to the IMF today. The charter of IMF, EU, and other organisations stipulates that they can function or provide loans to a country only if there\u2019s good governance,\u201d the PTI leader\u2019s counsel Barrister Ali Zafar told reporters at the Adiala Jail on Thursday.
\nZafar said the mandate of the people was stolen in the darkness of night, insisting that democracy could not run if the mandate of the people was stolen. He said the whole world had seen rigging taking place in the general elections.
\nHe said Imran would write a letter to the Washington-based lender, asking it to call upon the Government of Pakistan to conduct an audit of the rigged constituencies through an independent audit team.
\n\u201cWe clearly ask the IMF that if talks are to be held, then first there should be audit in constituencies, where rigging was done and the audit should be independent and not through the ECP. The judiciary should be involved and if the apex court heads it, it will be very fine,\u201d he argued.
\nAli Zafar said if the elections were not transparent, no one will give loans to this country.<\/p>\n
Pakistan to seek new $6bn loan from IMF
\nMeanwhile, Bloomberg News reported on Thursday that Pakistani authorities are planning to seek a new loan of at least $6 billion from the IMF to help the incoming government repay billions in debt due this year.
\nThe country will seek to negotiate an Extended Fund Facility with the IMF, the report said, citing a senior government official.
\nThe talks with the global lender were expected to start in March or April, it added.
\nPakistan averted default last summer thanks to a short-term International Monetary Fund bailout, but the programme expires next month and a new government will have to negotiate a long-term arrangement to keep the $350 billion economy stable.
\nAhead of the bailout, the South Asian nation had to undertake a slew of measures demanded by the IMF, including revising its budget, a hike in its benchmark interest rate, and increases in electricity and natural gas prices.
\nThe IMF staff continues a dialogue with authorities on needed longer-term reform efforts, a spokesperson for the fund said, adding that the fund is available, if requested, to support the post-election government through a new arrangement to address Pakistan\u2019s ongoing challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cWe look forward to working with new government on policies to ensure macroeconomic stability,\u201d says IMF NEW YORK The International Monetary Fund (IMF) has expressed willingness to work with the new Pakistani government while ignoring Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan\u2019s demand from the lender to hold an audit of the election results before approving […]<\/p>\n","protected":false},"author":2,"featured_media":389127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-389204","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n