IMF says ready to work with Pakistan's new govt

NEW YORK: The International Monetary Fund (IMF) has expressed willingness to work with the new Pakistani government by ignoring the demand of Pakistan Tehreek-e-Insaf (PTI) founder to hold an audit of the election results before approving any new loan for Islamabad.

“I’m not going to comment on ongoing political developments,” IMF’s Director Communications Julie Kozak said while addressing a press conference following former premier’s demand.

She further added that they “look forward to working with the new government on policies to ensure macroeconomic stability and prosperity for all of Pakistan’s citizens.”

Kozack said the lender brought total disbursements under the Standby Arrangement (SBA) to $1.9 billion, adding that the programme is “supporting the authority’s efforts to stabilise the economy and to, of course, with a strong focus on protecting the most vulnerable.”

“This 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,” she said.

The IMF’s statement came in response to the PTI founding chairman’s 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.