COAS Bajwa Urges US To Expedite Release Of IMF Loan To Pakistan: Report

COAS Bajwa Urges US To Expedite Release Of IMF Loan To Pakistan: Report
Chief of Army Staff (COAS) General Qamar Javed Bajwa has urged the United States to help Pakistan secure an early dispersal of $1.2 billion loan from the International Monetary Fund (IMF), according to a report published by Nikkei Asia.

Pakistan is facing a worsening economic crisis due to dwindling foreign reserves.

On July 13, the IMF and Pakistan had reached a staff-level agreement to revive the $6 billion Extended Fund Facility (EFF) programme for the country. According to the agreement, a $1.2 billion disbursement to Islamabad is expected in August.

The report said that the army chief talked to US Deputy Secretary of State Wendy Sherman on a phone call earlier this week and requested the White House to push the international financial institution to immediately release $1.2 billion loan to Pakistan.

It said that separate meetings between senior civilian Pakistani and American officials were held earlier this month, adding that the COAS appealed to the US when the civilian officials could not manage to negotiate an early disbursement of funds.

"Several senior Pakistani officials have met with US and other key stakeholder nations in the IMF and World Bank in the past week to register concerns about the timing of IMF Executive Board decisions, pressing to expedite review of Pakistan's progress on prior actions," the report quoted an official as saying.

"This reflects the Pakistan army's concerns about the state of the economy. It also reflects that the Pakistan army chief is the authority with whom the global players feel the final word rests," the report quoted Pakistan’s former ambassador to Washington Hussain Haqqani as saying.