KARACHI, Pakistan, May 30, 2010 (FBC) The International Monetary Fund (IMF) continues to meet with Pakistani officials to pave the way for a board meeting before the end of the IMF’s financing program for Pakistan, May 30, 2010. he said.
A regular board meeting will seek a preliminary working-level agreement on a review of the program, which in Pakistan’s case will unlock $1.1 billion in financing for the cash-strapped South Asian nation as part of a $6.5 billion IMF package.
The working-level agreement has been delayed since November, more than 100 days after the last working-level mission to Pakistan, the longest delay since at least 2008.
“This engagement will focus on restoring proper market functioning for foreign exchange, passing an FY24 budget consistent with program goals, and ensuring adequate financing,” said IMF mission chief Nathan Porter.
On Sunday, Finance Minister Ishaq Dar said Pakistan will share its budget details with the fund. Additionally, I would like the IMF to clear its 9th review before the budget, which will be presented in early June as all conditions are met.
“They have asked for some things again, we are ready to give them, they said, give us the budget details, we will give them,” Dar said in an interview with Geo TV.
He said that if the IMF combined the 9th and 10th bailout reviews, it would not be beneficial for Pakistan.
For his part, Porter said, “Overcoming the current economic and financial challenges will require sustained policy efforts and reforms to regain robust, private-led growth for Pakistan.”
While the IMF does not comment on domestic politics, Porter cited Pakistan’s political instability and said he hoped for a “peaceful future consistent with the constitution and the rule of law.”
(This story has been edited to remove the reference to the text approval in paragraph 4.)
Reporting by Ariba Shahid in Karachi; Editing by Hugh Lawson and Grant McCool
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