KARACHI: Pakistan’s finance minister Muhammad Aurangzeb met Prime Minister Shehbaz Sharif on Friday to discuss Pakistan’s economic strategy ahead of his meetings with the World Bank and International Monetary Fund (IMF) officials in the United States with an aim to get a fresh loan for the country.
IMF chief Kristalina Georgieva confirmed this week Pakistan was in discussions with her organization on a potential follow-up loan program to its nine-month, $3 billion stand-by arrangement (SBA). The country reached a staff-level agreement with the IMF following the second and final review carried out under the SBA and is expected to receive a tranche of $1.1 billion toward the end of this month.
The finance minister is scheduled to arrive in Washington on Sunday where he will attend the IMF and World Bank spring meetings and discuss the possibility of securing another $6-8 billion deal.
According to a statement released by the finance ministry, Aurangzeb briefed the prime minister about the performance of his ministry during the meeting.
“The finance minister informed the prime minister about his upcoming visit to the United States,” it said. “He discussed with the prime minister his scheduled meetings with the International Monetary Fund, World Bank and other organizations during the visit.”
“The overall economic situation of the country was also discussed in the meeting,” the statement added.
The IMF chief recognized Pakistan’s commitment to the structural economic reforms during an event at the Atlantic Council think tank in Washington.
However, she also noted that some important issues, including the tax base and overall economic transparency, were yet to be addressed by the Pakistani authorities.
Earlier this week, the Asian Development Bank forecast a 1.9 percent growth in Pakistan during the current fiscal year, though it also warned of 25 percent inflation during the same period.
Pakistan’s finance minister briefs PM Sharif ahead of key US talks for new IMF loan deal
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Pakistan’s finance minister briefs PM Sharif ahead of key US talks for new IMF loan deal
- Muhammad Aurangzeb is scheduled to reach Washington tomorrow to attend the IMF, World Bank spring meetings
- IMF chief Kristalina Georgieva has confirmed Pakistan has approached her organization for yet another loan program
Pakistan engages Saudi Arabia, China in bid to ease surging Middle East tensions
- Pakistan’s foreign minister stresses need for de-escalation in conversations with Chinese, Saudi counterparts
- Tensions in the Middle East continue to remain high as conflict between US, Israel and Iran intensifies
ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar spoke to the foreign ministers of Saudi Arabia and China on Tuesday, stressing the importance of diplomatic engagement to de-escalate tensions in the Middle East as the Iran war intensifies.
Pakistan has constantly engaged regional countries in efforts to broker a ceasefire in the Middle East, after the US and Isreal launched coordinated strikes against Iran on Feb. 28.
Iran launched fresh attacks on Gulf countries on Tuesday morning, where it has targeted US military bases in recent weeks. In addition to firing missiles and drones at Israel and American bases in the region, Iran has also been targeting energy infrastructure which, combined with its stranglehold on the Strait of Hormuz, has sent oil prices soaring worldwide.
Dar spoke to Saudi Foreign Minister Prince Faisal bin Farhan to discuss developments in the Middle East and ongoing deliberations at the UN Security Council, Pakistan’s foreign office said in a statement.
“DPM/FM shared Pakistan’s perspective, underscoring the importance of continued coordination and diplomatic engagement to support de-escalation and promote peace and stability across the region and beyond,” the statement said.
Dar, who also serves as Pakistan’s foreign minister, spoke to Chinese foreign minister Wang Yi over the telephone separately. The two discussed the evolving regional situation and broader global developments.
Dar underscored the need to ease tensions in the Middle East and the wider region during the conversation, the foreign office said.
Yi appreciated Pakistan’s constructive efforts aimed at promoting de-escalation and stability in the region, it added.
“The two leaders stressed the importance of de-escalation and emphasized the need to pursue dialogue and diplomacy in accordance with the principles of the UN Charter,” the foreign office’s statement said.
The conflict in the Middle East has hit Pakistan hard as well, forcing Islamabad to hike petrol and diesel prices by Rs55 per liter last Friday.
Pakistan’s government has also announced a set of austerity measures, which include closing schools and cutting down on government expenditures, as it evaluates petrol stocks and looks for alternative supply routes.
