IMF continues engagement with Pakistan for board meeting before current program expires at June end

This handout photograph released by Pakistan Press Information Department (PID) on January 31, 2023, shows Pakistan’s Finance Minister Ishaq Dar (L) meeting with a International Monetary Fund (IMF) review mission led by IMF mission official Nathan Porter (2R) at the Finance Ministry in Islamabad. (Photo courtesy: PID/File)
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Updated 30 May 2023
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IMF continues engagement with Pakistan for board meeting before current program expires at June end

  • A staff-level agreement between Pakistan and the IMF remains delayed since November
  • Pakistan, desperate to shore up foreign exchange reserves, is looking to revive stalled loan

KARACHI: The International Monetary Fund (IMF) continues engagement with the Pakistani authorities to pave the way for a board meeting before the current program expires at end of June, the IMF mission chief for Pakistan said.

A staff-level agreement on the review has been delayed since November, with more than 100 days passed since the last staff level mission to Pakistan, the longest such delay since at least 2008.


Sindh chief minister pledges compensation within two months after Karachi plaza fire

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Sindh chief minister pledges compensation within two months after Karachi plaza fire

  • Murad Ali Shah says government is working with Karachi chamber to help shopkeepers restart businesses
  • January fire that killed at least 67 brought safety of Karachi’s commercial buildings under sharp focus

KARACHI: Sindh Chief Minister Murad Ali Shah said on Friday compensation for shopkeepers affected by last month’s deadly Gul Plaza shopping mall blaze would be released within two months amid calls for improved fire safety regulations to protect commercial buildings in Karachi.

The fire at Gul Plaza in January killed at least 67 people and left more than 15 missing, triggering renewed criticism of lax enforcement of building codes and emergency preparedness in Pakistan’s largest city.

Authorities said the blaze spread rapidly through the multi-story commercial complex, complicating rescue efforts and raising questions about wiring, access routes and fire safety systems in older markets.

“The government in collaboration with the Karachi Chamber is actively working to help shopkeepers restart their businesses and aims to ensure that compensation is provided within two months so that the shopkeepers can buy inventories to restart their businesses,” the chief minister said while addressing the inauguration of the My Karachi Exhibition, an annual trade and consumer exhibition, according to an official statement.

He said temporary locations had been identified where shopkeepers could operate rent-free until reconstruction is completed, paying only basic maintenance costs.

Shah reiterated the Sindh administration’s commitment to provide Rs 10 million ($36,000) to the families of those who died in the fire, along with immediate relief of Rs 500,000 ($1,785) for affected shopkeepers.

He said Gul Plaza would be rebuilt within two years “in the same manner and with the same number of shops,” adding that the new structure would be safer and constructed “without a single square inch extra.”

Business leaders at the event called for stricter enforcement of fire safety standards across Karachi’s commercial districts, citing unregulated electrical wiring and poor compliance as recurring causes of deadly market fires.