PM Shehbaz says govt to complete terms of IMF programme

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif has reiterated his government’s resolve to complete the terms of the International Monetary Fund’s (IMF) programme, ARY News reported on Saturday.

According to details, the prime minister expressed the resolve in a telephonic conversation with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva.

“In a phone call with Managing Director [Kristalina Georgieva] of the Fund yesterday, I told her about the government’s resolve to complete the terms of IMF’s program,” PM Shehbaz wrote on Twitter.

In a phone call with Managing Director of the IMF yesterday, I told her about the government’s resolve to complete the terms of IMF’s program. I also explained Pakistan’s economic difficulties especially after the devastating floods. IMF delegation will come to Pakistan soon.

— Shehbaz Sharif (@CMShehbaz) January 7, 2023

“I also explained Pakistan’s economic difficulties especially after the devastating floods. Fund delegation will come to Pakistan soon,” he added in a tweet.

Earlier in December 2022, it was reported that Pakistan government hopes to revive the deal with the International Monetary Fund (IMF) for the disbursement of a loan tranche under the $7 billion bailout package in the month of January.

Sources said the federal government become active for a breakthrough with the IMF as the ongoing exchange of information with the fund is termed ‘satisfactory’.

Crisis alert

The foreign exchange reserves held by the State Bank of Pakistan (SBP) continued their declining spree, plunging by $1.2bn to reach $4.5 billion.

The SBP-held foreign exchange reserves fall to $4.5 billion after the new debt repayments to UAE. Pakistan paid back $600mn to the Emirates NBD Bank and $415mn to the DIB on Friday, they say.

After the fresh debt repayments, the forex reserves have dropped to $4.5bn, sufficient for only 25 days of import cover, they say.