In a recent development, the International Monetary Fund (IMF) expressed its appreciation for the commitments made by Pakistan’s friendly nations to assist the cash-strapped country in reviving its loan program, which has been struggling due to dwindling foreign exchange reserves. Nathan Porter, the IMF Mission Chief for Pakistan, stated that Islamabad and the global lender had reached an agreement to continue the current economic policies, and both parties were working to secure sufficient funds to implement these policies.

The IMF also supported Pakistan’s efforts to obtain financial guarantees from friendly nations, as they would aid in completing the ninth review under the Extended Fund Facility (EFF), he added. Earlier on Friday, Finance Minister Ishaq Dar announced that the United Arab Emirates (UAE) has given assurance to the International Monetary Fund (IMF) that it will offer $1 billion as bilateral support to Pakistan. Finance czar took to Twitter and penned that “UAE authorities have confirmed to IMF for their bilateral support of US $ One billion to Pakistan.”

He added that the State Bank of Pakistan (SBP) was now engaged for needful documentation for taking the said deposit from UAE authorities. Meanwhile, the international money lender has assured Pakistan that a staff level agreement will be reached soon. The two parties recently held a virtual meeting, led by Pakistan’s Finance Minister Ishaq Dar and the IMF Deputy Managing Director Antoinette M. Sayeh. The talks focused on Pakistan’s economic status and reforms, with a review of the country’s implementation of previous IMF program goals. The IMF’s deputy managing director expressed optimism about working with Pakistan and signing the Staff Level Agreement soon. Officials from the Pakistani Finance Ministry, Economic Affairs Secretaries, and State Bank Governor, who participated virtually from Washington, all attended the conference.

Credit: Independent News Pakistan-INP