Ishaq Dar seeks Bloom's cooperation on securing IMF deal
Pakistan
Pakistan received $2billion from Saudi Arabia and expects $1billion form UAE
ISLAMABAD (Dunya News) – As the agreement between Pakistan and the International Monetary Fund (IMF) suffers a long-standing stalemate, Finance Minister Ishaq Dar on Thursday asked US Ambassador to Pakistan Donald Bloom to play his role in helping the agreement inked.
He expressed his thoughts at a meeting with the ambassador, which underscored the exchange of thoughts on matters of mutual interest.
The minister also apprised Mr Bloom of the development on the agreement with the Washington-based lender so far including the assurance of $2billion by Saudi Arabia in additional deposits, and talks going on with the UAE for $1billion in financing.
Mr Bloom assured Mr Dar to help deepen the cooperation.
Earlier, Pakistan moved one step closer to the revival of the crucial bailout package of the IMF as Saudi Arabia provided the assurance.
Pakistan’s loan programme is yet to materialise months after it imposed additional taxes, increased energy prices and allowed the free floating of currency to meet conditions laid forth by the IMF. The nation missed multiple deadlines to revive the deal. Therefore, the lender asked the cash-strapped Pakistan to seek commitments for new loans from Saudi Arabia and the United Arab Emirates (UAE) before it releases the funds.
Reports said the Kingdom is yet to make an official announcement in this regard. It was expected that the Saudi government would announce the new loans for Pakistan during the upcoming visit of Prime Minister Shehbaz Sharif to the country.
Pakistan is now looking towards the UAE to secure another $1 billion deposit in order to reach the staff-level agreement (SLA) with the IMF. Mr Dar is likely to make a stopover in the UAE on his way to the US where he would hold talks on the revival of the loan deal.
Earlier, the IMF’s resident representative for Pakistan said the country has a few more tasks to complete to meet requirements for a $6.5 billion bailout.
