ISLAMABAD: Finance Minister Ishaq Dar expressed his hope that there would be a piece of great news from the International Monetary Fund (IMF) regarding a bailout for Pakistan, but he refused to provide details.
Responding to a question about the dollar prices, he stated that it is the responsibility of the state banks to control the rate of the US dollar, and they are performing well.
However, he acknowledged that the decline in foreign exchange reserves may have contributed to the recent surge in dollar prices.
Pakistan and the IMF are holding talks for the completion of the 9th programme review, and its successful outcome could unlock a $1.1 billion loan tranche.
Until the announcement of the IMF deal, other multilateral and bilateral lenders are unlikely to provide major new loans to Pakistan.
He stated that he has done his projections and briefed the Prime Minister on the financial policies, and they will not face any problems.
“Inflation doesn’t happen overnight. This price increase has occurred over the course of four years. During the era of Imran Khan, there was a lack of macroeconomic management, and we are doing our best to address this issue.”
He expressed hope that their efforts to improve the macroeconomic indicators will result in a decrease in inflation in the coming weeks.
Meanwhile, on Wednesday, Prime Minister Shehbaz Sharif assured the IMF delegation of the full implementation of the program and progress towards its goals.
The Prime Minister held a meeting with the IMF delegation, which was led by the Minister of Finance and the Private Secretary of the Ministry of Finance, to discuss the current economic situation.
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