ISLAMABAD – International Monetary Fund (IMF) is not interested in releasing much-needed funds to the cash-strapped nation despite the fact that Islamabad completed all the prerequisites tabled by foreign lenders including getting assurances from friendly nations.
The cash-strapped country continues to make desperate changes asked the International Monetary Fund (IMF) to get a bailout from the US-based lender, however, the government failed to get the crucial tranche so far and it is still in the air as the loan programme is not on the agenda of the lender’s Executive Board till May 17.
Latest reports suggest that the multilateral lender is not completely satisfied with the assurances given to it by Saudi Arabia and UAE.
As of now, the staff-level agreement has not been made possible, which was actually supposed to be signed in February this year. The ‘never-ending’ delay in the IMF programme is now going to hamper the budget planning which is expected to start in the coming weeks.
Earlier this month, IMF mission to Pakistan Nathan Porter said the financial organization was working with South Asian nation to conclude a ninth review of the bailout programme.
In a statement, Porter said IMF continues to work with the Pakistani authorities to bring the ninth review to a conclusion once the necessary financing is in place and the agreement is finalized, and further extended support to the authorities in the implementation of policies in the period ahead.
IMF giving Pakistan tough time in ‘unimaginable’ economic crisis: PM Shehbaz
Prime Minister Shehbaz Sharif said on Saturday that Pakistan had fulfilled all the conditions of the International Monetary Fund, adding “The global lender has no excuse to not give a go-ahead to the deal”.
