Islamabad, Apr 8: Rubbishing rumors that officials from International Monetary Fund (IMF) refused to meet him at the Bretton Woods institutions’ spring meetings, Finance Minister Ishaq Dar on Saturday clarified he postponed his visit to the US on Prime Minister Shehbaz Sharif’s request — in view of the political situation.
“Pakistan is a member of the IMF and not a beggar,” Dar said in a fiery speech addressing rumours that he decided to postpone his trip due to resistance from the Washington-based lender.
He emphasised that IMF “cannot stop me from attending the spring meetings”.
Dar was expected to attend the spring meetings of the World Bank-IMF that were taking place from April 10 to 16 in Washington, Geo news reported.
Meanwhile, he was also scheduled to meet the IMF management for holding talks regarding the removal of bottlenecks for the revival of the derailed $6.5 billion programme.
Islamabad has been negotiating with the IMF since the end of January for the release of $1.1 billion from a $6.5 billion bailout package agreed upon in 2019. To unlock the funding, the government has cut back on subsidies, removed an artificial cap on the exchange rate, added taxes and raised fuel prices.
However, assurances from friendly nations for additional funds have delayed the agreement.
The finance minister, who was sworn in last year in September — said these are routine rituals, emphasising that a “constitutional crisis has been created in Pakistan, according to media reports.
“The Ministry of Finance has a huge responsibility regarding the disbursement of funds to the Election Commission of Pakistan (ECP) in light of the Supreme Court’s April 4 ruling.
Earlier this week, the apex court declared the ECP’s decision on the Punjab and Khyber Pakhtunkhwa (KP) election null and void, ordering to hold snap polls in Punjab on May 14 — a persistent demand forced by Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan after he dissolved the assemblies in both the provinces.
He said that the Supreme Court has ordered for the federal government to give $21 billion for elections in Punjab by April 10. “Of course, the finance ministry and the cabinet have an important responsibility in this regard, and I’m a part of it,” he said.
“Due to these circumstances and on the prime minister’s directives, I have dropped my plan to visit Washington. This is not an unusual thing. Virtual meetings took place during COVID. I will be attending the World Bank, and IMF meetings that I’m required in from Islamabad.”
The minister said that even though he won’t be attending the meetings in person, a delegation representing Pakistan, which comprises State Bank of Pakistan Governor Jameel Ahmad, Finance Secretary Hamed Yaqoob Sheikh and Economic Affairs Secretary Kazim Niaz, will be there.
(Except for the headline, this story has not been edited by Business Upturn staff and is published from a syndicated feed.)
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