Pakistan reaffirms commitment to IMF program after Geneva meeting

Pakistan's Prime Minister Shehbaz Sharif speaks during a news conference, at the United Nations, in Geneva, Switzerland, January 9, 2023. (Photo courtesy: REUTERS)
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Updated 09 January 2023
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Pakistan reaffirms commitment to IMF program after Geneva meeting

  • The IMF has yet to approve the release of $1.1 billion originally due to be disbursed in November
  • The delay has left Pakistan with only enough foreign exchange reserves to cover one month’s imports

GENEVA: Pakistan reiterated its commitment to completing a program with the International Monetary Fund in a meeting on the sidelines of a climate conference in Geneva on Monday, the finance ministry said in a statement.

Finance Minister Muhammad Ishaq Dar and IMF officials “discussed challenges to regional economies in the wake of climate change,” according to the statement following the meeting’s conclusion. “(The) finance minister reiterated the commitment to complete the Fund program,” it added.

“It was a good meeting but I do not have any statements to make,” Athanasios Arvanitis, deputy director of the IMF’s Middle East and Central Asia Department, told Reuters immediately after it ended.

The IMF has yet to approve the release of $1.1 billion originally due to be disbursed in November last year, leaving Pakistan with only enough foreign exchange reserves to cover one month’s imports.

French President Emmanuel Macron said at the conference that Paris was ready to support Pakistan in its talks with financial institutions.

UN Secretary General Antonio Guterres earlier called for sweeping reform of the international financial system to allow countries vulnerable to climate calamities to receive adequate funding from richer nations.


Pakistan expresses concern over Venezuela situation, calls for adherence to UN charter

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Pakistan expresses concern over Venezuela situation, calls for adherence to UN charter

  • The statement came after President Nicolás Maduro was deposed and captured in a US military operation
  • Islamabad says closely monitoring developments, remains engaged in ensuring safety of Pakistani community

ISLAMABAD: Pakistan on Sunday expressed concern over the evolving situation in Venezuela and urged all parties to adhere to the principles of the United Nations (UN) charter, its foreign office said.

The statement came a day after President Nicolás Maduro was deposed and captured in a US military operation, with an uncertain future ahead in the South American nation.

While Maduro was in custody in New York, the officials who had surrounded him remained in power and demanded his release. The presidential palace was guarded by armed civilians and members of the military.

Pakistan’s foreign office said that Islamabad attaches great importance to the well-being of the people of Venezuela and views with concern the evolving situation in Venezuela.

“We urge the need for restraint and deescalation to end the crisis, and underscore the necessity for adherence to the principles of the UN charter as well as international law to resolve all outstanding issues,” it said.

The statement came as Venezuelans remained shell-shocked on Sunday.

A tense calm settled over the capital, Caracas, which was unusually quiet. Many stores, gas stations and churches remained closed and people patiently lined up outside others, staring at their phones or into the distance, AP news agency reported.

A number of government supporters rallied over the weekend, some burning US flags.

“We are closely monitoring the developments and remain engaged in ensuring the safety and security of members of the Pakistani community in Venezuela,” the foreign office added.