Ishaq Dar says 'details of agreement with IMF to be made public'

ISLAMABAD: Finance Minister Mohammad Ishaq Dar on Thursday assured that details of the staff-level agreement with the International Monetary Fund (IMF) will be made public.

Speaking at the Senate Committee of the Whole, the minister said once the staff agreement is signed, it will be put on the website of the Finance Ministry and nothing will be concealed.

The minister said that the regime of Pakistan Tehreek-e-Insaf had signed an agreement with IMF in 2019.

The Finance Minister said he believes in transparency and fiscal discipline in the country.

Responding to the points raised earlier in the Committee, he said nobody in Pakistan can compromise on the nuclear and missile assets of the country. “We are responsible citizens of Pakistan, we represent the people of Pakistan and we are here to guard the national interest of the country” he added.

He further said that Pakistan was a sovereign nation and nobody in the world had the right to tell us what range of missiles we should have.

IMF new condition

The International Monetary Fund (IMF) has tabled another condition for the revival of $7 billion Extended Fund Facility (EFF), seeking ‘written assurance’ of financing from friendly countries to Pakistan by June 30.

According to details, the lender has put forward a new condition before signing a staff-level agreement for the revival of $7 billion Extended Fund Facility (EFF), stalled for months.

Sources told ARY News that IMF has sought a written assurance of financing to Pakistan from friendly countries, including the Saudi Arabia, Qatar and the United Arab Emirates (UAE) by June 30.

Sources within finance ministry claimed that the written assurance must be provided by the executive directors of the respective friendly countries at the International Monetary Fund (IMF).

The government of Pakistan – the Prime Minister’s office and Ministry of Finance – has become active in obtaining the written assurance from the friendly countries, sources said, adding that the authorities expect to obtain the written assurance soon.

Meanwhile, sources claimed that Pakistan had also agreed with the IMF’s last condition not to take direct loans from commercial banks. Moreover, Pakistan and IMF officials have completed negotiations on the revised Memorandum of Economic and Financial Policies (MEFP).

The International Monetary Fund (IMF) had asked Pakistan to implement demands before reaching a staff-level agreement for the revival $7 billion Extended Fund Facility (EFF) stalled for months.

Pakistan has reportedly fulfilled all the pre-conditions of the IMF for the staff-level agreement.