ISLAMABAD: Prime Minister Shehbaz Sharif expressed his hope to complete the International Monetary Fund’s (IMF) Programme. The next tranche can be helpful for Pakistan to fuel up the foreign exchange reserves.
Earlier, on 6 January, on the occasion of the inauguration ceremony of Hazara Electric Supply Company, Prime Minister Shehbaz Sharif pledged to complete the IMF program and said, “IMF Team coming to Pakistan soon for 9th review.”
In the wake of the complete fund’s Programme, the PM called Managing Director of the Fund Kristalina Georgieva and was aware of the issues Pakistan is facing.
In a tweet, the Premier said, “I told her about the government’s resolve to complete the terms of IMF’s program. I also explained Pakistan’s economic difficulties, especially after the devastating floods.”
Pakistan entered a $6 billion IMF programme in 2019, which was increased to $7bn last year. The programme’s ninth review, which would release $1.18bn, is currently pending.
It had earlier been put off for two months due to the PML-N-led government’s unwillingness to accept certain conditions placed before it by the Fund, and the disagreements have yet to be resolved.
Improvement of Foreign Reserves Exchange
The Tranche of Fund can play a great role to warm up Pakistan’s Foreign Exchange reserves which have declined lowest for eight years.
According to the Data shared by The State Bank of Pakistan (SBP), the Fx of Pakistan has declined by $245 billion and stood at $5.6 billion.
After the decline, there is no hope to pay back the foreign dept, Meanwhile, the International Monitoring Fund’s (IMF) tranche can be helpful for SBP to deplete the decline in foreign reserves. the finance minister also claimed that Pakistan would complete the IMF programme
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