Striving for end to IMF program before new govt: Ishaq Dar
ISLAMABAD (92 News) - Federal Minister for Finance and Revenue Ishaq Dar has said that they are making efforts for the end to the International Monetary Fund (IMF) program before the new government comes.
Expressing his views on the floor of the National Assembly on Friday, he said that the IMF programme was started in 2019 and it had to be ended in 2022. "We have faced the hardships to the maximum extent. The inflation will decrease to seven percent very soon," he maintained.
He said that no extra burden will be put on the agriculture and real estate sectors.
APP adds: Attributing the country’s economic hardships to Pakistan Tehreek-e-Insaf’s backtracking from commitments, Dar proudly stated that with the government’s efforts, Pakistan had successfully reached an agreement of US$3 billion with the IMF. "As a result, the State Bank of Pakistan received the first tranche of $1.2 billion to stabilize the economy."
Speaking on the current foreign exchange reserves, he informed that the reserves had reached their highest position since October 2022. The total liquid foreign reserves were reported to be US$ 14,065.3 million, with the central bank holding $8,727.2 million, thanks to inflows from Saudi Arabia, the United Arab Emirates (UAE), and the IMF.
The central bank had received $2.0 billion from Saudi Arabia, following US$1.2 billion from the IMF, and US$1.0 billion from the UAE, contributing to the net foreign reserves held by commercial banks at US$ 5,338.1 million.
The minister reassured the public that the government had made all due payments in accordance with international agreements, further demonstrating its commitment to meeting obligations on time.
Highlighting the government’s commitment to financial transparency, Senator Dar shared the IMF agreement and stated that it would be made available on the Ministry of Finance’s website for public information.
The minister also handed over a copy of the agreement to the lower House of Parliament.
