Islamabad [Pakistan], July 16 (ANI): After saying the bailout bundle for Pakistan, the International Monetary Fund (IMF) conveyed its issues relating to the poor previous report of Pakistan and suggested the nation to finish the brand new programme to scale back the belief deficit, Pakistan-based The Express Tribune reported. 

The IMF Executive Director Bahador Bijani on behalf of the board has conveyed the message to Pakistan’s Finance Minister Ishaq Dar by means of a digital contact on Thursday, The Express Tribune reported citing highly-placed sources. 

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The international lender conveyed the priority a day after the IMF board authorised the USD 3 billion Stand-By Arrangement (SBA) programme for Pakistan. 

Bahador Bijani is likely one of the 24 govt administrators on the IMF board. According to the sources, the IMF board had requested Bijani to convey the robust message to Pakistan, The Express Tribune reported. 

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During the board assembly, the IMF administrators raised severe issues relating to Pakistan’s poor monitor report in implementing reforms and fulfilling commitments made to the IMF board and the administration, the sources stated, in line with The Express Tribune. 

According to sources, Bijani conveyed IMF board issues to Dar in order that there was no complacency in Pakistan following the approval of the brand new programme, the report stated. 

On Friday, Pakistan Prime Minister Shehbaz Sharif held a telephonic dialog with IMF Managing Director Kristalina Georgieva and warranted her that Islamabad was severe this time to bridge the belief deficit. 

According to the assertion launched by Pakistan Prime Minister’s workplace, Georgieva stated that “the IMF board was sceptical about Pakistan’s commitment to fulfilling the conditions of agreement due to the past trust deficit.” However, she assured the board that Pakistan will ship on its commitments as she had met Pakistan PM and seen his seriousness, in line with the assertion. 

The IMF had final mentioned Pakistan’s case in August 2022 and was scheduled to carry a gathering in November 2022 to approve the ninth evaluation, in line with The Express Tribune report. However, Pakistan’s case was not mentioned till June when the board informally met to resolve whether or not they need to give it an opportunity to Pakistan regardless of its poor monitor report. 

On June 30, the IMF introduced a staff-level settlement with Pakistan which the board authorised this week. According to sources, the IMF board has communicated to Pakistan that this was the final probability for Pakistan to enhance its poor standing. The IMF board requested Pakistan to implement the brand new programme and additional said that they are going to now not give any concession. 

The IMF board additionally suggested Pakistan to finish the continued programme in order that the belief deficit between each side was minimised. On Thursday, the IMF’s Director of Strategic Communications Julie Kozack stated that “steadfast implementation” of the nine-month Stand-by Arrangement (SBA) was vital for Pakistan’s future. 

In an announcement, Julie Kozack stated, “Steadfast implementation is critical to address its large financing needs and support the most vulnerable, according to The Express Tribune. The communications director said that resolving Pakistan’s structural challenges will likely need continued reforms over the medium term to carry out economic transformations for strengthening the growth prospects and creating a conducive environment to renewed private capital inflows. 

The board members were also critical of Pakistan’s lack of consistency in reforms and its failure to honour its commitments, according to The Express Tribune report. This is the 23rd programme that has been signed between Pakistan and IMF. However, only one programme has been fully implemented that too due to the support of a series of waivers against key conditions. 

Although Pakistan has so far shown the resolve to implement the current programme, however, it might prove challenging for Islamabad due to the involvement of three governments from now till the expiry of the programme in March next year.  

On Wednesday, the International Monetary Fund (IMF) approved a 9-month Stand-By arrangement for Pakistan to support the country’s economic stabilization program, Pakistan-based Geo News reported.

IMF in a statement said, “Today, the Executive Board of the International Monetary Fund (IMF) authorised a 9-month Stand-By Arrangement (SBA) for Pakistan for an quantity of SDR 2,250 million (about USD 3 billion, or 111 p.c of quota) to help the authorities’ financial stabilization program.” (ANI)

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