The International Monetary Fund (IMF) has announced sending its delegation to Pakistan next week in a bid to break a deadlock over critical conditions regarding the issuance of loans.
Esther Perez, the Resident Representative of the IMF, said that at the request of the Pakistani authorities, the delegation is scheduled to visit Islamabad from January 31 to February 9 to hold discussions.
The announcement from IMF emerged soon after Finance Minister Ishaq Dar agreed to let the rupee devalue by Rs25 to a dollar which is the highest ever fall in a day in the country’s history.
The government took this step after the United States clarified the government to follow the IMF instructions instead of seeking political favors from foreign countries.
Prime Minister Shehbaz Sharif also held a meeting with US Ambassador Donald Blome and informed him about the government’s decision to adopt the IMF route. But Pakistan is still looking for some relaxation in the IMF conditions due to the current charged political environment.
Meanwhile, in order to meet another condition of the IMF, the FBR has unveiled the “Sharing of Declaration of Assets of Civil Servants Rules, 2022”.
The rules will allow commercial banks to seek the asset details of civil servants before opening their bank accounts.
However, the government has excluded the army officers from the purview of the asset declarations, which is discriminatory and highlights one of the reasons behind the current economic mess in Pakistan where privileged classes are protected.
The US has confirmed that it is concerned about Pakistan’s economic instability, as the country continues to battle a critical financial crisis.
“This is a challenge that we are attuned to,” State Department spokesperson Ned Price said when asked about the economic difficulties that Pakistan is currently facing.
“I know that Pakistan has been working with the IMF and other international financial institutions,” he said and added, “We want to see Pakistan in an economically sustainable position.”
According to the spokesperson, Pakistan’s macroeconomic stability is a topic of conversation between the “Department of State and our counterparts at the White House, the Treasury Department, among others.”
Highlighting that the conversations are “ongoing”, Price said, “We are supportive where we can be, to our Pakistani partners.”
Elaborating, he said, “These often do entail technical issues, oftentimes these are addressed between the US Department of Treasury and our Pakistani partners.”
Esther Perez, the Resident Representative of the IMF, said that at the request of the Pakistani authorities, the delegation is scheduled to visit Islamabad from January 31 to February 9 to hold discussions.
The announcement from IMF emerged soon after Finance Minister Ishaq Dar agreed to let the rupee devalue by Rs25 to a dollar which is the highest ever fall in a day in the country’s history.
The government took this step after the United States clarified the government to follow the IMF instructions instead of seeking political favors from foreign countries.
Prime Minister Shehbaz Sharif also held a meeting with US Ambassador Donald Blome and informed him about the government’s decision to adopt the IMF route. But Pakistan is still looking for some relaxation in the IMF conditions due to the current charged political environment.
Meanwhile, in order to meet another condition of the IMF, the FBR has unveiled the “Sharing of Declaration of Assets of Civil Servants Rules, 2022”.
The rules will allow commercial banks to seek the asset details of civil servants before opening their bank accounts.
However, the government has excluded the army officers from the purview of the asset declarations, which is discriminatory and highlights one of the reasons behind the current economic mess in Pakistan where privileged classes are protected.
Read more: 2023/01/19/us-concerned-about-pakistans-economic-instability-confirms-state-dept/
The US has confirmed that it is concerned about Pakistan’s economic instability, as the country continues to battle a critical financial crisis.
“This is a challenge that we are attuned to,” State Department spokesperson Ned Price said when asked about the economic difficulties that Pakistan is currently facing.
“I know that Pakistan has been working with the IMF and other international financial institutions,” he said and added, “We want to see Pakistan in an economically sustainable position.”
According to the spokesperson, Pakistan’s macroeconomic stability is a topic of conversation between the “Department of State and our counterparts at the White House, the Treasury Department, among others.”
Highlighting that the conversations are “ongoing”, Price said, “We are supportive where we can be, to our Pakistani partners.”
Elaborating, he said, “These often do entail technical issues, oftentimes these are addressed between the US Department of Treasury and our Pakistani partners.”