ISLAMABAD: As the economic situation in debt-ridden Pakistan worsens day by day, the IMF is waiting for a virtual loan. But after many tough conditions and long negotiations, no agreement was reached between Pakistan and the International Monetary Fund. The International Monetary Fund, which does not trust Pakistan, is demanding Islamic countries including Saudi Arabia and the United Arab Emirates to give a guarantee that if they give financial aid to Pakistan, it will be returned. Pakistan hopes that bilateral friends will provide financial support to sign a staff-level agreement on loan assistance. Saudi Arabia and UAE have not taken any steps to help Pakistan despite several requests by Pakistan. On the other hand, IMF has announced financial assistance to crisis-hit Bangladesh and Sri Lanka.
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Ratification and Affirmation by Bilateral States
After participating in the Senate Standing Committee on Finance, Pakistan’s Minister of State for Finance, Dr. Ayesha Ghouz Pasha, said talks with the International Monetary Fund are underway. He said only the approval and commitment of bilateral countries, including Saudi Arabia and the United Arab Emirates, to provide IMF funds is now pending. He further said that there are indications that financial assistance from bilateral friends may come very soon. He said the assistance would help finalize the staffing agreement with the IMF
International Monetary Fund Assistance to Pakistan
Ayesha Ghose clarified that there is no recommendation to subsidize petroleum products. Meanwhile, Pakistan Foreign Exchange Association President Malik told a Boston Senate committee that the government could provide $1 billion per month for the next two years, after which it would not need IMF financial assistance. About 180 billion dollars have been sent abroad in the last 30 years, he said. He said the 1998 nuclear tests brought $10 billion into the system.
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The reason for the delay in the agreement with the IMF
At the Senate committee meeting, Aisha Ghose said external funding was the only obstacle to completing the ninth review. I hope it will be available soon. There have been positive signals from allies including China, Saudi Arabia and the United Arab Emirates. The minister said the process would take time and the deal would be finalized after verification as the IMF requires approval and assurance language from allies. He said that all the three countries are in favor of Pakistan.
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