Pakistan reprofiles debts with friendly nations: Dar
friendly countries
To reprofile and restructure loans, Pakistan is collaborating with friendly countries. The 9th review, Dar hoped, would wrap up this month. He advocated for Pakistani media outlets to report on the IMF’s onerous demands.
On Friday, Federal Finance Minister Ishaq Dar blamed the International Monetary Fund (IMF) as a major cause of political unrest in Pakistan.After presenting a deficit budget to the National Assembly, he went on Geo News’ ‘Aaj Shahzeb Khanzada Kay Saath’ to harshly criticise the IMF for postponing the 9th review, stating it was long overdue and should have been finished in February.
IMF
When questioned if the IMF was postponing the 9th evaluation because they did not trust him personally, Dar became extremely irritated. As far as he was concerned, the IMF was completely unfair to Pakistan. The International Monetary Fund is a significant donor. A result of political unrest.The finance minister responded that it would be unjust if the ninth evaluation was not completed. But he said he was optimistic that the ninth review would wrap up this month. He suggested that the media in Pakistan draw attention to the IMF’s outrageous demands.
PTI
When questioned if bringing this up in Pakistani media would have any effect, he said that the media should inform the world about what was really happening.He claimed that Pakistan had complied with the IMF’s criteria, but that the organisation still did not trust it because of the previous government’s misdeeds. He said that the previous PTI administration had failed to fulfil its 2019 IMF promises and had even rolled back its limited progress in the area.Dar said that the IMF should have faith that Pakistan could meet its revenue goal in response to a question about whether or not it would. He insisted it was not a wild guess but rather the result of a careful calculation.
country default
Dar insisted that the country has made all payments due to the IMF, despite rumours to the contrary. His words, “Our first priority was not to let the country default,” indicate that the government’s top priority was avoiding a default.xtraordinary actions that had a detrimental effect on imports and industrial production.Dar responded to a query about why the IMF wasn’t satisfied by Pakistan’s efforts to borrow $2 billion from a friendly country by saying that the Fund wants to undertake collaborative negotiations with countries like Saudi Arabia and the United Arab Emirates. Pakistan, however, countered that it did not require any “hand-holding” and that the IMF should carry out its expert duties.He emphasised that Pakistan did not need the $2 billion and stated the government will undertake bilateral negotiations with friendly countries on its own.
finance minister
He went on to say that Pakistan would have received $2 billion if the board meeting had taken place in February.According to the finance minister, it appears that Pakistan isperformed as a geopolitical rap. He claimed he couldn’t go into further detail about it on television.He said that his administration had made up for lost credibility by implementing policies that devalued the currency, but that the IMF’s refusal to wrap up its ninth review was unfair.
re profiling
Dar responded to a question about whether or not Pakistan should seek re profiling and restructuring of its debts with the help of friendly countries by saying, “frankly speaking we are working on that” and that the country’s sovereign deposits, which have been rolled over annually, would continue to be rolled over in the future.
He revealed that Pakistan was in negotiations with its allies to restructure its bilateral loans. Using “haircuts” to avoid repaying our Rs100 billion in debt was something he was against, he remarked, since it would be shameful.
According to him, “if we have borrowed money, we should return it,” and he went on to clarify that reorganisation was not a negative thing. He argued that if the country could pay its interest and space out its principal repayments, it would have a more stable cash flow.
