Pakistan News

PM Says That All Conditions Have Been Fulfilled, But IMF Wants “More Guarantees”

PM Says That All Conditions Have Been Fulfilled, But IMF Wants “More Guarantees”

April 16, 2023 / By Zunair Tahir / Pakistan News


The International Monetary Fund (IMF) has no reason to put off approving the staff-level agreement after receiving financial guarantees from allies, according to Prime Minister Shehbaz Sharif on Saturday. However, a Fund official said the lender was looking forward to receiving “necessary financing assurances” as soon as possible to clear the way for the conclusion of the ninth review of the $7 billion program.

IMF Mission Chief to Pakistan Nathan Porter made the announcement a day after Finance Minister Ishaq Dar confirmed $1 billion in bilateral financial help for Pakistan, which is thought to be the last preparatory action for staff-level agreement with the international lender.

PM Shehbaz remarked, “The IMF had set a condition for us to arrange funds from friendly countries before it signed a staff-level agreement with us,” while speaking at an event in Lahore. We worked hard for one and a half months to achieve the IMF’s final need by first getting a rollover of $2 billion from China and then $3 billion from Saudi Arabia and the UAE.

The premier complimented Bilawal Bhutto-Zardari and Ishaq Dar for their “hard work” in this respect and stated that “the new army chief made efforts to acquire the funds from Saudi Arabia and the UAE.”

He expressed the resolve to overcome these obstacles by reaching an agreement with the international lender as quickly as possible, despite the fact that his administration “inherited an IMF agreement that was in tatters.” There was “no alternative,” he said, therefore the government had to accept the strict requirements established by the IMF.

The Fund, meantime, praised Pakistan’s receipt of bilateral aid but pressed Islamabad for more guarantees to finalise the agreement.

The agreement to retain strong policies and find adequate funding to assist the implementation efforts was reached during talks between the Pakistani delegation and IMF employees and management, the statement added.

In contrast to an earlier government declaration that the pledge of $2 billion from Saudi Arabia and $1 billion from the UAE would address the issue, an official source noted that the Fund is still waiting for assurances from friendly nations. In addition, Mr. Dar said that the State Bank had received the final payment of $300 million from the Industrial and Commercial Bank of China on its $1.3 billion loan.

Kristalina Georgieva, the chief of the IMF, had hoped Pakistan would finish its current plan.

At a news conference in Washington, she stated, “My hope is that with the goodwill of everyone and with the implementation of what has already been agreed upon by the Pakistani authorities, we can complete our current program successfully.”

Separately, as part of the IMF/World Bank spring meetings, Mr. Dar conducted a virtual discussion with Jin Liqu, the president of the Asian Infrastructure and Investment Bank (AIIB), through a video link.

According to a formal statement, Mr. Dar informed the AIIB president on the government’s economic objectives and reforms for sustainable development while also sharing the present economic prognosis.

According to the release, the AIIB president praised the bank’s partnership with Pakistan.


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Pakistan News

Pakistan’s Prime Minister Pledges To Compensate Flood Victims

Pakistan’s Prime Minister Pledges To Compensate Flood Victims

September 15, 2022 / By Zunair Tahir / Pakistan News


ISLAMABAD — After the worst floods in the nation’s history, Pakistan’s prime minister assured the nation’s homeless population on Wednesday that the government would make sure they were compensated to rebuild and resume their lives.

Prime Minister Shahbaz Sharif, second from the right, converses with a youngster at a makeshift school in a tent in the Pakistani Baluchistan flood-stricken community of Suhbatpur. Following the nation’s worst-ever floods, Sharif pledged the nation’s millions of homeless people on Wednesday that the government would make sure they were compensated to repair their houses and resume their lives. 

A half million people are living in camps as winter approaches after being evacuated by the flood, which damaged 1.7 million houses. Delivering food, tents, and money to the victims has been the government’s top priority up to this point. Since mid-June, the floods have claimed 1,481 lives, affecting 33 million people.

We’ll do everything we can to provide you with financial support so you may build new homes “Prime Minister Shahbaz Sharif spoke to a number of families residing in tents and temporary structures in the Baluchistan town of Suhbatpur. “The government will provide compensation to those who lost their houses and crops, “he stated during his remarks on television.

Under the town of Suhbatpur, where hundreds of schoolchildren were receiving assistance from UNICEF to study in a tent, Sharif also informed the students that a new school will be built there in the following two months.

“Pakistan has never seen such massive climate-related destruction, “Sharif stated to a group of attorneys on Wednesday in Islamabad. “Watching flooded villages, towns, and cities was awful.”

After 15 days, according to Sharif, Pakistan will enter its winter season, and the flood victims will face a new challenge: figuring out how to survive in the bitter cold when they were previously living in tents throughout the summer.

Even getting clean drinking water to flood victims has become difficult, he claimed.

70% of Pakistan’s wheat, cotton, and other crops were devastated by the floods. The government now claims that the economic toll is far higher than Pakistan’s initial estimate of $10 billion in losses. The world community, especially those responsible for climate change, has been encouraged by the UN to provide greater aid to Pakistan.

Thousands of people are now homeless as a result of the monsoon rains that destroyed entire communities, bridges, and highways. A third of the country’s land area was submerged under water at one time.

Unprecedented rain-related losses in Pakistan have been attributed by several analysts to climate change.

Sherry Rehman, Pakistan’s minister for climate change, stated to a group of MPs from the Asia Pacific on Wednesday in Islamabad that the threat posed by climate change, which “knows no boundaries,” is currently affecting the whole globe.

She urged cutting emissions to protect other nations from the harm that her country is already experiencing.

Overnight, Pakistan received its first shipment of Saudi Arabian help.

The United States and many other nations, including the United Nations, have already provided around 90 planeloads of aid.

In response to an urgent call for $160 million, member states have so far pledged $150 million, according to Julien Harneis, resident coordinator for the United Nations in Pakistan, who made the announcement during a news conference on Wednesday.


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