LONDON/ISLAMABAD:
Ishaq Dar, the federal minister of finance, stated on Wednesday that negotiations with the International Monetary Fund (IMF) are going well and that “good” outcomes should come shortly.
“I have had 58 meetings with the IMF and the World Bank throughout my tour. In these sessions, the top management engaged in a vigorous discussion, according to the Pakistan Muslim League-N (PML-N) leader, who was speaking to the media in London.
The finance minister commented on the recent spike in the value of the US dollar and said it was not a cause for serious concern because the real value of the currency is significantly lower than the present rate. He also stated the wish that the dollar would lose all of its worth.
Speaking about his meeting with PML-N leader Nawaz Sharif, Dar mentioned a number of topics that came up but avoided going into specifics, arguing it wasn’t necessary to tell the media about every issue.
talking about Of an interview with Reuters on Sunday, Dar stated that he would like to reschedule $27 billion in non-Paris Club debt, but would not like to pursue haircuts as a part of any restructuring.
A default on the nation’s debt, an extension of the maturity date for debts due in December, or renegotiation of the existing International Monetary Fund programme were all ruled out by Dar.
According to the minister, international donors and multilateral development banks have been “very flexible” in finding ways to cover the country’s estimated $32 billion in external financial needs following severe floods.
He said that some of this might come from repurposing money from development loans that had already been granted but were paying out more slowly.
Just over two weeks after entering office, Dar, who is attending the IMF and World Bank annual meetings, stated that Pakistan will seek restructuring on similar terms for all bilateral creditors.
