Pakistan seeks easing of ‘tough conditions’ on $6 bln IMF loan

Pakistani Finance Minister Shaukat Tarin waits to make remarks at the conclusion of the US-Pakistan Trade and Investment Council meeting with in Washington on April 27, 2009. (AFP/File)
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Updated 05 May 2021
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Pakistan seeks easing of ‘tough conditions’ on $6 bln IMF loan

  • Says Pakistan had asked for more space in meeting “tough” targets
  • International Monetary Fund approved a three-year, $6 billion loan package for Pakistan in July 2019

ISLAMABAD: Pakistan is in talks with the International Monetary Fund (IMF) to try to ease “tough conditions” on a $6 bln loan, recently appointed finance minister Shaukat Tarin said on Wednesday. 
“The targets they have given us, that is tough... We have talked to them and they are very sympathetic,” Tarin said, referring to a loan agreed in an IMF program that Pakistan entered in 2019.
Pakistan did not want to leave the program but had asked the IMF to give it more space, Tarin said at his first press conference since he was appointed last month.


Pakistan, China to sign multiple MoUs at major agriculture investment conference today

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Pakistan, China to sign multiple MoUs at major agriculture investment conference today

  • Hundreds of Chinese and Pakistani firms to attend Islamabad event
  • Conference seen as part of expanding CPEC ties into agriculture, trade

KARACHI: Islamabad and Beijing are set to sign multiple memorandums of understanding (MoUs) to boost agricultural investment and cooperation at a major conference taking place in the capital tomorrow, Monday, with hundreds of Chinese and Pakistani companies expected to participate.

The conference is being billed by Pakistan’s Ministry of National Food Security and Research as a platform for deepening bilateral agricultural ties and supporting broader economic engagement between the two countries.

“Multiple memorandums of understanding will be signed at the Pakistan–China Agricultural Conference,” the Ministry of National Food Security said in a statement. “115 Chinese and 165 Pakistani companies will participate.”

The conference reflects a growing emphasis on expanding Pakistan-China economic cooperation beyond the transport and energy foundations of the flagship China-Pakistan Economic Corridor (CPEC) into agriculture, industry and technology.

Under its first phase launched in 2015, CPEC, a core component of China’s Belt and Road Initiative, focused primarily on transportation infrastructure, energy generation and connectivity projects linking western China to the Arabian Sea via Pakistan. That phase included motorways, power plants and the development of the Gwadar Port in the country's southwest, aimed at helping Pakistan address chronic power shortages and enhance transport connectivity.

In recent years, both governments have formally moved toward a “CPEC 2.0” phase aimed at diversifying the corridor’s impact into areas such as special economic zones, innovation, digital cooperation and agriculture. Second-phase discussions have highlighted Pakistan’s goal of modernizing its agricultural sector, attracting Chinese technology and investment, and boosting export potential, with high-level talks taking place between planning officials and investors in Beijing.

Agri-sector cooperation has also seen practical collaboration, with joint initiatives examining technology transfer, export protocols and value-chain development, including partnerships in livestock, mechanization and horticulture.

Organizers say the Islamabad conference will bring together government policymakers, private sector investors, industry associations and multinational agribusiness firms from both nations. Discussions will center on investment opportunities, technology adoption, export expansion and building linkages with global buyers within the framework of Pakistan-China economic cooperation.