The IMF mission, which is in the nation for discussions on the ninth review of a $7 billion loan programme, is causing Finance Minister Ishaq Dar and his staff a “very difficult time,” according to Prime Minister Shehbaz Sharif on Friday.
“Our economic challenge at this moment is unimaginable. The conditions we have to fulfil [to complete the IMF review] are beyond imagination,” said the PM.
However, PM Shehbaz admitted that the nation was forced to comply with the requirements. He said this in Peshawar while speaking to the Apex Committee.
Tuesday marked the start of the crucial negotiations about the conclusion of the ninth review between the government and the IMF delegation, led by Nathan Porter. Pakistan must finish the review in order to avoid default.
According to Arif Habib Limited, the nation’s reserves have been critically depleted to a level of $3.09 billion as of January 27, which can only cover 18 days of imports. Not only would completing the IMF review result in a payment of $1.12 billion, it would also permit inflows from allies and other multilateral lenders.
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The IMF mission chief sounded adamant as meetings got underway about taking immediate, calculated, and strong measures to close the ominous fiscal gap, which is between Rs 2 trillion and Rs 2.5 trillion.
