In meeting with US envoy, Dar assures completing IMF programme

US Ambassador to Pakistan Donald Blome calls on Finance Minister Ishaq Dar on May 26, 2023. — Finance Division.

As the cash-strapped nation is making last-ditch efforts to revive the stalled Extended Fund Facility (EFF) programme, Finance Minister Ishaq Dar on Friday assured the US Ambassador to Pakistan Donald Blome of Islamabad’s dedication to finish the mortgage programme.

The growth got here throughout a meeting between the finance minister and the US envoy, who known as on the previous in Islamabad.

During the meeting, Dar shared “deep-rooted historic and durable bilateral relations with the US on economic and trade fronts”, an announcement from the Finance Division stated.

The finance minister shared financial insurance policies and priorities of the federal government to deal with the difficult financial surroundings and set the economy to stability and development.

The two sides exchanged views on issues of mutual curiosity and enhancing the present bilateral relations between each international locations, learn the assertion. 

Dar knowledgeable the US ambassador concerning the authorities’s pragmatic plans associated to revenues and expenditures for meeting its nationwide in addition to worldwide monetary obligations.

He shared numerous financial avenues through which each international locations can additional deepen their financial relations.

Speaking on the event, the US ambassador underscored that each international locations take pleasure in good relations and expressed confidence within the insurance policies and programmes of the federal government for financial sustainability and socio-economic uplift of the lots.

He prolonged his assist to additional promote bilateral financial, funding and commerce relations between each international locations.

The monetary czar thanked the US ambassador and reiterated the need of the federal government to additional deepen bilateral commerce and funding ties with the US.

The authorities is making last-ditch efforts with the IMF to revive the stalled Extended Fund Facility (EFF) programme.

The hopes are diminishing every day primarily as a result of the continued programme of $6.5 billion below the EFF will expire on June 30.

Islamabad remains to be considering methods to satisfy different reimbursement deadlines because the nation has about $3.7 billion in abroad debt due this month and in June towards its present international trade reserves of simply $4.3 billion.

According to a Financial Times report, the cash-strapped nation is wanting in direction of China to roll over greater than $2 billion in debt due subsequent month.

Two senior officers informed the publication that Beijing had dedicated to assist the nation meet two essential debt repayments in June price $2.3 billion by offering recent funds instantly after Pakistan makes the funds.

“The refinancing of the commercial loans worth $1.3 billion and a Chinese government loan of $1 billion would help Pakistan avert immediate default,” the officers stated.

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