Bewal Express
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Dont worry Nani is back after her plastic surgery and all is well because she tells us she still has faith in him.
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Contact the PP Team
Ishaq Dar puts on brave face despite lurking default
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Dont worry Nani is back after her plastic surgery and all is well because she tells us she still has faith in him.
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Former finance minister Shaukat Tarin has demanded the resignation of incumbent finance czar Ishaq Dar for pushing Pakistan to the “brink of default” and causing “immeasurable sufferings” to the masses through his imprudent economic policies.
Responding to the presser addressed by the finance minister on Friday, Senator Tarin, in a statement, rejected the claims made by Senator Dar regarding the state of the economy and said that his party had hoped that Ishaq Dar “will do the honourable thing and hand over his resignation for misleading the nation”.
Responding to the presser addressed by the finance minister on Friday, Senator Tarin, in a statement, rejected the claims made by Senator Dar regarding the state of the economy and said that his party had hoped that Ishaq Dar “will do the honourable thing and hand over his resignation for misleading the nation”.
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Finance Minister Ishaq Dar said on Thursday that he would ask the central bank governor to coordinate with a group of philanthropists in an effort to raise dollars from overseas Pakistanis to reduce the foreign exchange shortage.
Addressing a conference on Islamic finance via video link, Dar praised the initiative of Bashir Farooqi, founder of Saylani Welfare International Trust, under which leading philanthropists expect to raise $2 billion for five years. The funds will not generate any profit for the overseas Pakistanis, Farooqi said.
The fundraising drive will help ease the shortage of foreign exchange, which is causing delays in the clearance of imported goods from port authorities.
Other participants in the initiative are The Citizens Foundation, Akhuwat Foundation and Indus Hospital.
“We will hold a joint press conference soon to ask overseas Pakistanis for help,” Farooqi said.
During his address, Dar also called for eliminating the interest-based system and said a committee had been constituted to ensure that an Islamic banking system was established.
A bank that had only 100 branches previously had grown to 1,000 branches after adopting Islamic banking practices, the finance minister claimed, according to an APP report.
He noted that the Federal Shariat Court had given the government five years to eliminate interest-based banking from the country and expressed confidence that it could “meet the criteria set for the conversion before the stipulated time” with the cooperation of stakeholders.
Dar shared that he had directed the State Bank of Pakistan and the National Bank of Pakistan to withdraw their appeals against the Federal Shariat Court ruling.
The fundraising initiative comes as the country’s foreign exchange reserves plunged to a nine-year low of $3.7bn — not enough to cover even three weeks of imports.
Banks have been refusing to open letters of credit (LCs) for a majority of imports under explicit directives from the State Bank of Pakistan as the country fights the serious shortage of dollars. Minimising dollar outflows has brought a wide section of import-dependent industrial activity to a standstill across the country. Traders have warned that thousands of containers, including those containing essential items, are stranded at the ports due to the non-opening of the LCs, which could cause shortages in the future.
The government is in talks with the International Monetary Fund (IMF) for a bailout that would release $1.2bn and unlock inflows from friendly countries.
Addressing a conference on Islamic finance via video link, Dar praised the initiative of Bashir Farooqi, founder of Saylani Welfare International Trust, under which leading philanthropists expect to raise $2 billion for five years. The funds will not generate any profit for the overseas Pakistanis, Farooqi said.
The fundraising drive will help ease the shortage of foreign exchange, which is causing delays in the clearance of imported goods from port authorities.
Other participants in the initiative are The Citizens Foundation, Akhuwat Foundation and Indus Hospital.
“We will hold a joint press conference soon to ask overseas Pakistanis for help,” Farooqi said.
During his address, Dar also called for eliminating the interest-based system and said a committee had been constituted to ensure that an Islamic banking system was established.
A bank that had only 100 branches previously had grown to 1,000 branches after adopting Islamic banking practices, the finance minister claimed, according to an APP report.
He noted that the Federal Shariat Court had given the government five years to eliminate interest-based banking from the country and expressed confidence that it could “meet the criteria set for the conversion before the stipulated time” with the cooperation of stakeholders.
Dar shared that he had directed the State Bank of Pakistan and the National Bank of Pakistan to withdraw their appeals against the Federal Shariat Court ruling.
The fundraising initiative comes as the country’s foreign exchange reserves plunged to a nine-year low of $3.7bn — not enough to cover even three weeks of imports.
Banks have been refusing to open letters of credit (LCs) for a majority of imports under explicit directives from the State Bank of Pakistan as the country fights the serious shortage of dollars. Minimising dollar outflows has brought a wide section of import-dependent industrial activity to a standstill across the country. Traders have warned that thousands of containers, including those containing essential items, are stranded at the ports due to the non-opening of the LCs, which could cause shortages in the future.
The government is in talks with the International Monetary Fund (IMF) for a bailout that would release $1.2bn and unlock inflows from friendly countries.
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When all else fails...
==
Presenting the IMF-dictated Finance (Supple*mentary) Bill, 2023, generally known as the mini-budget, in both houses of the parliament, Finance Minister Ishaq Dar on Wednesday called for setting up a national commission to investigate the factors behind the “economic decline” in the country over the past four years, and reiterated his offer to political parties to prepare a national economic agenda.
During a 35-minute-long speech at the thinly-attended National Assembly session, a grim-faced finance minister blamed the previous PTI administration for the country’s economic woes, but said the present government was committed to implementing the agreement signed by the previous rulers with the International Monetary Fund (IMF), stating that “an agreement with the IMF is an agreement with the state and not with a government”.
==
Presenting the IMF-dictated Finance (Supple*mentary) Bill, 2023, generally known as the mini-budget, in both houses of the parliament, Finance Minister Ishaq Dar on Wednesday called for setting up a national commission to investigate the factors behind the “economic decline” in the country over the past four years, and reiterated his offer to political parties to prepare a national economic agenda.
During a 35-minute-long speech at the thinly-attended National Assembly session, a grim-faced finance minister blamed the previous PTI administration for the country’s economic woes, but said the present government was committed to implementing the agreement signed by the previous rulers with the International Monetary Fund (IMF), stating that “an agreement with the IMF is an agreement with the state and not with a government”.
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ISLAMABAD: Law*makers sitting on the opposition as well as treasury benches in the National Assembly on Friday blasted Finance Minister Ishaq Dar over his “failure” in resolving the prevailing economic crisis in the country as the lower house of parliament continued debate on the crucial IMF-dictated Finance (Supplementary) Bill, 2023, generally known as the mini-budget.
Members also took the finance minister to task over his continuous absence from the house, terming his attitude “non-serious” and even questioned his capabilities in resolving the crisis in the light of his earlier statements in which he had made huge claims about stabilisation of the country’s economy and strengthening of the Pakistani rupee against the US dollar.
Soon after laying the bill in both houses of parliament on Feb 15, the finance minister during an informal chat with some reporters had stated that the National Assembly would pass the bill on Monday or Tuesday.
Members also took the finance minister to task over his continuous absence from the house, terming his attitude “non-serious” and even questioned his capabilities in resolving the crisis in the light of his earlier statements in which he had made huge claims about stabilisation of the country’s economy and strengthening of the Pakistani rupee against the US dollar.
Soon after laying the bill in both houses of parliament on Feb 15, the finance minister during an informal chat with some reporters had stated that the National Assembly would pass the bill on Monday or Tuesday.
wasim-fan
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Dar doesn’t understand economics but is good at politics. Opposite to his predecessor.
daytrader
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"This is not a serious economic policy but a joke with the economy," Miftah Ismail says on Ishaq Dar's mismanagement
While indirectly criticising his successor Ishaq Dar, the Pakistan Muslim League-Nawaz (PML-N) leader lamented that holding the dollar artificially at 240 was not needed especially at a time when the government did not have funds.
“When you leave the dollar to the free market on the IMF’s condition, it jumps from 230 till 260. Then you decrease the price of petrol and in two days it rises again by Rs30. This is not a serious economic policy but a joke with the economy,” said the former finance minister.
The PML-N leader further said that if the government wanted to hold the dollar at Rs180 artificially then it should have stopped it at Rs12.
“If you can set the rate on your own, then make it Rs10 or make one dollar equal to Rs1, this is all ridiculous,” said Miftah.
...
https://www.thenews.com.pk/latest/1...tan-secures-1-billion-tranche-from-imf-miftah
While indirectly criticising his successor Ishaq Dar, the Pakistan Muslim League-Nawaz (PML-N) leader lamented that holding the dollar artificially at 240 was not needed especially at a time when the government did not have funds.
“When you leave the dollar to the free market on the IMF’s condition, it jumps from 230 till 260. Then you decrease the price of petrol and in two days it rises again by Rs30. This is not a serious economic policy but a joke with the economy,” said the former finance minister.
The PML-N leader further said that if the government wanted to hold the dollar at Rs180 artificially then it should have stopped it at Rs12.
“If you can set the rate on your own, then make it Rs10 or make one dollar equal to Rs1, this is all ridiculous,” said Miftah.
...
https://www.thenews.com.pk/latest/1...tan-secures-1-billion-tranche-from-imf-miftah
daytrader
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The myth that PML N and Ishaq Dar were competent to run the country has been badly exposed by their own doings
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Finance Minister Ishaq Dar announced on Friday that cash-strapped Pakistan had another received $500 million from the Industrial and Commercial Bank of China Ltd (ICBC).
Taking to Twitter, Dar said the State Bank of Pakistan (SBP) had received the money in its account, saying that it would help to shore up foreign exchange reserves.
Taking to Twitter, Dar said the State Bank of Pakistan (SBP) had received the money in its account, saying that it would help to shore up foreign exchange reserves.
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Finance Minister Ishaq Dar said on Monday that his comments in the Senate on Pakistan’s nuclear programme were being “quoted out of context”, adding that the delay in the International Monetary Fund (IMF) programme was due to “technical reasons”.
Last week, Dar told the upper house of Parliament that there would be “no compromise” on the country’s nuclear and missile programme.
The remarks had come after Senator Raza Rabbani had raised some questions on the reasons behind the delay in the agreement with the IMF, which would offer a critical lifeline to tame a balance-of-payments crisis.
The PPP leader lamented that the Senate had “neither before nor today been taken into confidence on what are the conditionalities of the IMF”. Describing the delay as extraordinary, Senator Rabbani sought to know if the delay was being made because of some sort of pressure on the country’s nuclear programme or its strategic relationship with China or because an imperialist power wanted its presence in the region.
In response, Dar assured that there would be no compromise on Pakistan’s nuclear prowess and promised that the moment the staff-level agreement and the Extended Fund Facility (EFF) were finalised, it would be placed on the website of the finance ministry.
“Nobody has any right to tell Pakistan what range of missiles it can have and what nuclear weapons it can have. We have to have our own deterrence,” he said. “We represent the people of Pakistan […] and we have to guard our national interests,” he said.
The finance minister also said that an assurance from “friendly countries” to fund a balance of payment gap was the last hurdle in securing an IMF deal.
Several countries had made commitments to support Pakistan during previous IMF reviews, he said, adding that the IMF was now asking for those commitments.
“At the time of the previous reviews, several friendly countries had made commitments to bilaterally support Pakistan, what IMF is now asking (is) that they should actually complete and materialise those commitments,” he said, adding: “That’s the only delay.”
Subsequently, PTI’s Shah Mahmood Qureshi assailed Dar for speaking on the country’s missile programme and demanded that Prime Minister Shehbaz Sharif issue a policy statement on the matter.
Qureshi, a former foreign minister, expressed surprise as to why a deal with IMF was not being finalised despite the fact that Pakistan has fulfilled all the demands of the global lender.
“No one has the right to tell us what kind of nuclear programme we should have and missiles of which range we should have. We have our atomic arsenal South Asia-specific and to ensure our defence,” he said.
In the press release issued by the Ministry of Finance today, Dar said his statement on the floor of the Senate, in response to a query regarding reasons for delay in IMF programme, was being “quoted out of context”.
“My comments with regards to Pakistan’s nuclear programme were in response to a colleague Senator’s specific question, wherein, I emphasised that Pakistan has sovereign right to develop its nuclear programme, as it best suits our national interests. without any external dictation, which, by no means should in any way whatsoever be linked with the ongoing negotiations with the IMF,” he said.
“It is clarified that neither the IMF nor any country has attached any conditionality or made any demand from Pakistan with regard to our nuclear capability and the delay in IMF staff-level agreement is purely due to technical reasons, for which we are continuously engaged with the IMF in order to conclude it at the earliest,” he said.
‘Absolutely no truth’
Later in the day, IMF Resident Representative for Pakistan Esther Perez Ruiz told Dawn.com regarding recent speculation about the nuclear programme: “I want to be categoric that there is absolutely no truth to this or any insinuated link between the past or current IMF supported programmes and decisions by any Pakistani government over its nuclear programme.”
She said discussions between the IMF and Pakistan were “exclusively focused on economic policies” to solve the country’s economic and balance of payments problems, “in line with the IMF’s mandate for promoting macroeconomic and financial stability”.
She also added that “substantial progress” was achieved in discussions towards policies to underpin the ninth EFF review in recent days.
“At this point, ensuring there is sufficient financing to support the authorities in the implementation of their policy agenda is the paramount priority. A staff level agreement will follow once the few remaining points are closed,” Ruiz said.
IMF loan
Cash-strapped Pakistan is in a race against time to implement measures to reach an agreement with the International Monetary Fund (IMF). The agreement with the IMF on the completion of the ninth review of a $7bn loan programme — which has been delayed since late last year over a policy framework — would not only lead to a disbursement of $1.2bn but also unlock inflows from friendly countries.
The prerequisites by the lender are aimed at ensuring Pakistan shrinks its fiscal deficit ahead of its annual budget around June.
Pakistan has already taken most of the other prior actions, which included hikes in fuel and energy tariffs, the withdrawal of subsidies in export and power sectors, and generating more revenues through new taxation in a supplementary budget.
As a last step, the international lender has required Pakistan to guarantee that its balance of payments deficit is fully financed for the remaining period of an IMF programme.
However, diplomatic sources told Dawn earlier last week that the political situation in Pakistan had become a factor in delaying a deal with the IMF.
Sources said that global lenders, particularly the IMF, were seeking assurances from Pakistan that the future political setup in the country would respect any deal they signed with Islamabad.
DAWN
Last week, Dar told the upper house of Parliament that there would be “no compromise” on the country’s nuclear and missile programme.
The remarks had come after Senator Raza Rabbani had raised some questions on the reasons behind the delay in the agreement with the IMF, which would offer a critical lifeline to tame a balance-of-payments crisis.
The PPP leader lamented that the Senate had “neither before nor today been taken into confidence on what are the conditionalities of the IMF”. Describing the delay as extraordinary, Senator Rabbani sought to know if the delay was being made because of some sort of pressure on the country’s nuclear programme or its strategic relationship with China or because an imperialist power wanted its presence in the region.
In response, Dar assured that there would be no compromise on Pakistan’s nuclear prowess and promised that the moment the staff-level agreement and the Extended Fund Facility (EFF) were finalised, it would be placed on the website of the finance ministry.
“Nobody has any right to tell Pakistan what range of missiles it can have and what nuclear weapons it can have. We have to have our own deterrence,” he said. “We represent the people of Pakistan […] and we have to guard our national interests,” he said.
The finance minister also said that an assurance from “friendly countries” to fund a balance of payment gap was the last hurdle in securing an IMF deal.
Several countries had made commitments to support Pakistan during previous IMF reviews, he said, adding that the IMF was now asking for those commitments.
“At the time of the previous reviews, several friendly countries had made commitments to bilaterally support Pakistan, what IMF is now asking (is) that they should actually complete and materialise those commitments,” he said, adding: “That’s the only delay.”
Subsequently, PTI’s Shah Mahmood Qureshi assailed Dar for speaking on the country’s missile programme and demanded that Prime Minister Shehbaz Sharif issue a policy statement on the matter.
Qureshi, a former foreign minister, expressed surprise as to why a deal with IMF was not being finalised despite the fact that Pakistan has fulfilled all the demands of the global lender.
“No one has the right to tell us what kind of nuclear programme we should have and missiles of which range we should have. We have our atomic arsenal South Asia-specific and to ensure our defence,” he said.
In the press release issued by the Ministry of Finance today, Dar said his statement on the floor of the Senate, in response to a query regarding reasons for delay in IMF programme, was being “quoted out of context”.
“My comments with regards to Pakistan’s nuclear programme were in response to a colleague Senator’s specific question, wherein, I emphasised that Pakistan has sovereign right to develop its nuclear programme, as it best suits our national interests. without any external dictation, which, by no means should in any way whatsoever be linked with the ongoing negotiations with the IMF,” he said.
“It is clarified that neither the IMF nor any country has attached any conditionality or made any demand from Pakistan with regard to our nuclear capability and the delay in IMF staff-level agreement is purely due to technical reasons, for which we are continuously engaged with the IMF in order to conclude it at the earliest,” he said.
‘Absolutely no truth’
Later in the day, IMF Resident Representative for Pakistan Esther Perez Ruiz told Dawn.com regarding recent speculation about the nuclear programme: “I want to be categoric that there is absolutely no truth to this or any insinuated link between the past or current IMF supported programmes and decisions by any Pakistani government over its nuclear programme.”
She said discussions between the IMF and Pakistan were “exclusively focused on economic policies” to solve the country’s economic and balance of payments problems, “in line with the IMF’s mandate for promoting macroeconomic and financial stability”.
She also added that “substantial progress” was achieved in discussions towards policies to underpin the ninth EFF review in recent days.
“At this point, ensuring there is sufficient financing to support the authorities in the implementation of their policy agenda is the paramount priority. A staff level agreement will follow once the few remaining points are closed,” Ruiz said.
IMF loan
Cash-strapped Pakistan is in a race against time to implement measures to reach an agreement with the International Monetary Fund (IMF). The agreement with the IMF on the completion of the ninth review of a $7bn loan programme — which has been delayed since late last year over a policy framework — would not only lead to a disbursement of $1.2bn but also unlock inflows from friendly countries.
The prerequisites by the lender are aimed at ensuring Pakistan shrinks its fiscal deficit ahead of its annual budget around June.
Pakistan has already taken most of the other prior actions, which included hikes in fuel and energy tariffs, the withdrawal of subsidies in export and power sectors, and generating more revenues through new taxation in a supplementary budget.
As a last step, the international lender has required Pakistan to guarantee that its balance of payments deficit is fully financed for the remaining period of an IMF programme.
However, diplomatic sources told Dawn earlier last week that the political situation in Pakistan had become a factor in delaying a deal with the IMF.
Sources said that global lenders, particularly the IMF, were seeking assurances from Pakistan that the future political setup in the country would respect any deal they signed with Islamabad.
DAWN
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Pakistan has received the nod for funding to the tune of $2 billion from Saudi Arabia, finance ministry sources on Wednesday said.
The development is a significant step towards reaching a staff-level agreement with the International Monetary Fund (IMF), which has imposed the condition of Pakistan securing $3 billion from other countries for the revival of its $6.5 billion bailout package.
Apart from Saudi Arabia giving the green signal for the provision of $2 billion to Pakistan, the sources said Finance Minister Ishaq Dar would meet the leadership of the UAE before leaving for the US on April 10.
The sources further said the IMF was still insisting on its demand for a further increase in the interest rate according to inflation and opposing the annual subsidy of Rs900 billion.
The development is a significant step towards reaching a staff-level agreement with the International Monetary Fund (IMF), which has imposed the condition of Pakistan securing $3 billion from other countries for the revival of its $6.5 billion bailout package.
Apart from Saudi Arabia giving the green signal for the provision of $2 billion to Pakistan, the sources said Finance Minister Ishaq Dar would meet the leadership of the UAE before leaving for the US on April 10.
The sources further said the IMF was still insisting on its demand for a further increase in the interest rate according to inflation and opposing the annual subsidy of Rs900 billion.
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Finance Minister Ishaq Dar on Saturday said that everything required from Pakistan to conclude the much-delayed ninth review of a $7 billion loan programme with the International Monetary Fund (IMF) was “now complete”, and the one final thing needed was a confirmation of a $1bn commitment from a friendly country.
The finance minister addressed the nation a day after he cancelled his visit to Washington for spring meetings of the IMF and World Bank citing domestic political turmoil as the reason.
His speech centered around him trying to calm the fears that the cancellation of his trip was any indication on the future of the IMF deal — a $6.5bn rescue programme agreed in 2019, of which the government has been trying to secure the final tranche of $1.1bn since February.
Dar said that the government had already done all that was required from it to conclude the ninth review. He said that at the time of the seventh and eight reviews, two friendly countries had informed the IMF in writing about its offer to help Pakistan with its external account.
The finance minister addressed the nation a day after he cancelled his visit to Washington for spring meetings of the IMF and World Bank citing domestic political turmoil as the reason.
His speech centered around him trying to calm the fears that the cancellation of his trip was any indication on the future of the IMF deal — a $6.5bn rescue programme agreed in 2019, of which the government has been trying to secure the final tranche of $1.1bn since February.
Dar said that the government had already done all that was required from it to conclude the ninth review. He said that at the time of the seventh and eight reviews, two friendly countries had informed the IMF in writing about its offer to help Pakistan with its external account.
daytrader
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Dar puts on brave face despite lurking default
Pakistan needs significant additional financing for successful completion of the ninth review bailout package: IMF
Finance Minister Ishaq Dar on Thursday put on brave face, expressing optimism that Pakistan would not default on its external repayments as the government struggled to resolve an acute balance of payments crisis in the absence of a deal with the International Monetary Fund.
The statement came as the IMF said in a scheduled press conference in New York that Pakistan needs significant additional financing for a successful completion of the long-stalled ninth review bailout package.
A staff-level accord to release a $1.1 billion tranche out of a $6.5 billion IMF package has been delayed since November, with nearly 100 days gone since the last staff level mission to Pakistan. That is the longest such gap since at least 2008.
“Pakistan has fulfilled all the IMF conditions [for the revival of its loan programme]. It took steps to meet those conditions. The government has ensured its external repayments till December,” Dar said while speaking at a session on the country’s economic challenges during an event titled ‘Islamabad Security Dialogue-2023’.
Commenting on a global credit rating agency’s report on Pakistan might defaulting on its external repayments, the minister said if the IMF sought more time to reach a staff-level agreement with the country, it could proceed ahead with it.
He added that Pakistan had arranged funds to pay off its external repayments to the tune of $3.2 billion in May and June on time. Dar maintained that global institutions should not speak about Pakistan defaulting.
He continued that the friendly countries would soon fulfill their pledges to finance Pakistan.
...
https://tribune.com.pk/story/2416234/dar-puts-on-brave-face-despite-lurking-default
Pakistan needs significant additional financing for successful completion of the ninth review bailout package: IMF
Finance Minister Ishaq Dar on Thursday put on brave face, expressing optimism that Pakistan would not default on its external repayments as the government struggled to resolve an acute balance of payments crisis in the absence of a deal with the International Monetary Fund.
The statement came as the IMF said in a scheduled press conference in New York that Pakistan needs significant additional financing for a successful completion of the long-stalled ninth review bailout package.
A staff-level accord to release a $1.1 billion tranche out of a $6.5 billion IMF package has been delayed since November, with nearly 100 days gone since the last staff level mission to Pakistan. That is the longest such gap since at least 2008.
“Pakistan has fulfilled all the IMF conditions [for the revival of its loan programme]. It took steps to meet those conditions. The government has ensured its external repayments till December,” Dar said while speaking at a session on the country’s economic challenges during an event titled ‘Islamabad Security Dialogue-2023’.
Commenting on a global credit rating agency’s report on Pakistan might defaulting on its external repayments, the minister said if the IMF sought more time to reach a staff-level agreement with the country, it could proceed ahead with it.
He added that Pakistan had arranged funds to pay off its external repayments to the tune of $3.2 billion in May and June on time. Dar maintained that global institutions should not speak about Pakistan defaulting.
He continued that the friendly countries would soon fulfill their pledges to finance Pakistan.
...
https://tribune.com.pk/story/2416234/dar-puts-on-brave-face-despite-lurking-default
BunnyRabbit
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The guy has nahoosat written all over his face.
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<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">I think Pakistan's GDP growth rate measured in nominal USD is illustrative of SOMETHING, even though economic theory says otherwise.<br><br>In 3 of the 5 worst years in Pakistani history, Ishaq Dar was either still in-charge, or had just left. <br><br>The other two were after the 1971 war. <a href="https://t.co/JgmqpFLgVe">pic.twitter.com/JgmqpFLgVe</a></p>— Farooq Tirmizi (@FarooqTirmizi) <a href="https://twitter.com/FarooqTirmizi/status/1662155252139687945?ref_src=twsrc%5Etfw">May 26, 2023</a></blockquote>
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Serial failure and part of the PDM group.
daytrader
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Ishaq Dar loses his cool over ‘tough’ questions on economy
Finance Minister Ishaq Dar on Monday lost his cool over ‘tough’ questions from journalists about the revival of the country’s economy, ARY News reported.
Dar was responding to questions from the media men after addressing the inaugural session of the International Conference on Islamic Capital Market in Islamabad.
Ishaq Dar sahab! Have you failed? staff-level agreement with IMF still not signed, the journalist asked.
The PML-N leader got furious and asked a question to journo in reply, has Pakistan defaulted? “We have paid all international loan payments.”
The finance minister while responding to another question on the economy said “Whatever decision you want to give, go ahead, I will see it, later.”
Ishaq Dar avoided responding to queries regarding the upcoming budget of FY2023-24 and the revival of the International Monetary Fund (IMF) loan programme.
Earlier, addressing the inaugural session of the International Conference on Islamic Capital Market in Islamabad, Finance Minister Ishaq Dar said the government is committed to achieving the goal of this transformation within the timeframe of five years given by the Federal Shariat Court.
He said Pakistan has a strategic plan in place to develop Islamic finance. The finance minister reaffirmed the government’s firm resolve to promote Islamic finance industry and eliminate the interest-based system in Pakistan.
ARY
Finance Minister Ishaq Dar on Monday lost his cool over ‘tough’ questions from journalists about the revival of the country’s economy, ARY News reported.
Dar was responding to questions from the media men after addressing the inaugural session of the International Conference on Islamic Capital Market in Islamabad.
Ishaq Dar sahab! Have you failed? staff-level agreement with IMF still not signed, the journalist asked.
The PML-N leader got furious and asked a question to journo in reply, has Pakistan defaulted? “We have paid all international loan payments.”
The finance minister while responding to another question on the economy said “Whatever decision you want to give, go ahead, I will see it, later.”
Ishaq Dar avoided responding to queries regarding the upcoming budget of FY2023-24 and the revival of the International Monetary Fund (IMF) loan programme.
Earlier, addressing the inaugural session of the International Conference on Islamic Capital Market in Islamabad, Finance Minister Ishaq Dar said the government is committed to achieving the goal of this transformation within the timeframe of five years given by the Federal Shariat Court.
He said Pakistan has a strategic plan in place to develop Islamic finance. The finance minister reaffirmed the government’s firm resolve to promote Islamic finance industry and eliminate the interest-based system in Pakistan.
ARY
Hitman
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Back ‘Pakistan will survive…it will take time,' says Pak FM Ishaq Dar
Link: https://www.livemint.com/news/india...ime-says-pak-fm-ishaq-dar-11685860075526.html
Link: https://www.livemint.com/news/india...ime-says-pak-fm-ishaq-dar-11685860075526.html
Hitman
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^^ Does anyone believe what he is saying?
daytrader
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The only part to believe is that Pakistan will survive. Only a fool though would believe that PDM and Ishaq Dar have the solutions for an economic uplift
Hitman
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Which political party apart from PTI do you believe has some type of solution of the economic mess? Or is it just PTI alone? I'm being serious.
daytrader
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Any party that focuses on the country's problems rather than political survival. PDM was brought in due to their competence in governance but all they did was run a campaign against one man using all of the states resources
Hitman
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Does any such political party apart from PTI exist? Say what you want about Imran Khan, at least he genuinely wants to do something good for his country, and at least he cannot be bought and sold.
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No need to panic as IMF deal soon: Shehbaz
The PM says Pakistan met all IMF conditions with sincerity
Prime Minister Shehbaz Sharif Sunday expressed the hope that Pakistan would strike an agreement with the IMF in June and asked the nation not to worry in this regard.
Speaking in a ceremony at the Sabzazar Sports Complex here, the prime minister said the government had met all the IMF conditions with sincerity.
The premier said he had had a long conversation with the IMF chief and committed to meeting all conditions for the loan and providing the required budget information.
Shehbaz said Pakistanis were a vibrant nation capable of meeting all the coming economic challenges in case of any further delay in the IMF programme.
He said despite all the economic difficulties, the federal government raised the salaries of employees by 30 to 35 per cent, increased pension by 17 per cent and minimum wage from Rs25,000 to Rs32,000.
“The government is aware of the economic difficulties of the poor people,” he added.
He said major funds were allocated for the sectors of agriculture and information technology in the federal budget presented by Finance Minister Ishaq Dar, adding that the budget would provide relief to the common man and create jobs.
The prime minister said he assumed the government in April 2022 amid very tough economic conditions.
...
https://www.thenews.com.pk/print/1079473-no-need-to-panic-as-imf-deal-soon-shehbaz
The PM says Pakistan met all IMF conditions with sincerity
Prime Minister Shehbaz Sharif Sunday expressed the hope that Pakistan would strike an agreement with the IMF in June and asked the nation not to worry in this regard.
Speaking in a ceremony at the Sabzazar Sports Complex here, the prime minister said the government had met all the IMF conditions with sincerity.
The premier said he had had a long conversation with the IMF chief and committed to meeting all conditions for the loan and providing the required budget information.
Shehbaz said Pakistanis were a vibrant nation capable of meeting all the coming economic challenges in case of any further delay in the IMF programme.
He said despite all the economic difficulties, the federal government raised the salaries of employees by 30 to 35 per cent, increased pension by 17 per cent and minimum wage from Rs25,000 to Rs32,000.
“The government is aware of the economic difficulties of the poor people,” he added.
He said major funds were allocated for the sectors of agriculture and information technology in the federal budget presented by Finance Minister Ishaq Dar, adding that the budget would provide relief to the common man and create jobs.
The prime minister said he assumed the government in April 2022 amid very tough economic conditions.
...
https://www.thenews.com.pk/print/1079473-no-need-to-panic-as-imf-deal-soon-shehbaz
BunnyRabbit
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Not brave but a manhoos face that he has been blessed with which he has garnished with corruption which makes it extremely repulsive.
Nikhil_cric
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Can't blame any recent government for this. This is the result of a pathetic, short-sighted policy of being overly close to the US for decades and borrowing from institutions like the IMF which push American interests and debt slavery in the Third World. Now after you default, expect the Americans/IMF to come in and strip you of whatever resources you have.
The Third World should have never, and I mean never, trusted US-backed financial institutions. We should have always stood together. I have my differences with the very nature of your state and especially with the military elite but it's rather sad to watch the common man bear the brunt of the larger games being played.
Any other Third World nation's citizens (Indians included) who rejoice at this clearly are devoid of empathy and/or intelligence. This can easily happen to any one of you. The wisdom of the previous generations is lost in India and many drink the macroeconomic development agenda Kool Aid despite years of trade deficits. All our neighbours constantly run to the IMF and there are some who believe in Indian exceptionalism in South/Southeast Asia
The faster the rest of the World bands together and introduces a commodites backed neutral currency and INSISTS that the West and US trade in that , the better it will be for the rest of us.
The Third World should have never, and I mean never, trusted US-backed financial institutions. We should have always stood together. I have my differences with the very nature of your state and especially with the military elite but it's rather sad to watch the common man bear the brunt of the larger games being played.
Any other Third World nation's citizens (Indians included) who rejoice at this clearly are devoid of empathy and/or intelligence. This can easily happen to any one of you. The wisdom of the previous generations is lost in India and many drink the macroeconomic development agenda Kool Aid despite years of trade deficits. All our neighbours constantly run to the IMF and there are some who believe in Indian exceptionalism in South/Southeast Asia
The faster the rest of the World bands together and introduces a commodites backed neutral currency and INSISTS that the West and US trade in that , the better it will be for the rest of us.
daytrader
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Pakistan seeks fast-track refinancing of $1.3b loans
Dar informs Chinese envoy about thin prospects of reviving IMF programme
Pakistan on Monday requested China to fast-track the refinancing of maturing commercial loans of $1.3 billion and apprised it of the diminishing prospects of revival of the International Monetary Fund (IMF) loan programme.
The request was made by Finance Minister Ishaq Dar during a meeting with China’s Charge d’affaires Pang Chunxue at the Finance Division.
Government officials said that the finance minister raised the issue of refinancing the two Chinese commercial loans amounting to $1.3 billion. The loans are maturing in the next two to three weeks.
Chinese authorities have already assured Pakistan that they will refund both the loans but Islamabad wants the money to be re-lent as soon as it is paid back, according to sources.
Dar is said to have urged the Chinese charge d’affaires about timely refinancing the loans, which will prop up Pakistan’s foreign exchange reserves.
Pakistan is scheduled to make a debt repayment of $300 million to the Bank of China in less than two weeks and repay another $1 billion to China Development Bank within three weeks.
The country’s official foreign exchange reserves stand at $3.9 billion and any delay in refinancing the loans could pull the reserves much below $3 billion.
“The finance minister further updated the charge d’affaires about progress on talks with the IMF on completion of the ninth review,” said a statement issued by the Ministry of Finance.
Dar said that the IMF was not accepting Pakistan’s request to lower the requirement of arranging $6 billion in new loans despite a marked reduction in the current account deficit, according to the officials. Pakistan had arranged $4 billion but the IMF was still insisting on $6 billion in fresh loans, he added.
At a public gathering on Monday, Dar pointed out that Saudi Arabia had pledged $2 billion and the United Arab Emirates $1 billion to help Pakistan reach a staff-level agreement.
He said that there was hope that after arranging $3 billion the IMF would sign the staff-level agreement but that did not happen. “After the agreement, there is hope that the World Bank will approve $450 million and the Asian Infrastructure Investment Bank will give $250 million.”
...
https://tribune.com.pk/story/2421451/pakistan-seeks-fast-track-refinancing-of-13b-loans
Dar informs Chinese envoy about thin prospects of reviving IMF programme
Pakistan on Monday requested China to fast-track the refinancing of maturing commercial loans of $1.3 billion and apprised it of the diminishing prospects of revival of the International Monetary Fund (IMF) loan programme.
The request was made by Finance Minister Ishaq Dar during a meeting with China’s Charge d’affaires Pang Chunxue at the Finance Division.
Government officials said that the finance minister raised the issue of refinancing the two Chinese commercial loans amounting to $1.3 billion. The loans are maturing in the next two to three weeks.
Chinese authorities have already assured Pakistan that they will refund both the loans but Islamabad wants the money to be re-lent as soon as it is paid back, according to sources.
Dar is said to have urged the Chinese charge d’affaires about timely refinancing the loans, which will prop up Pakistan’s foreign exchange reserves.
Pakistan is scheduled to make a debt repayment of $300 million to the Bank of China in less than two weeks and repay another $1 billion to China Development Bank within three weeks.
The country’s official foreign exchange reserves stand at $3.9 billion and any delay in refinancing the loans could pull the reserves much below $3 billion.
“The finance minister further updated the charge d’affaires about progress on talks with the IMF on completion of the ninth review,” said a statement issued by the Ministry of Finance.
Dar said that the IMF was not accepting Pakistan’s request to lower the requirement of arranging $6 billion in new loans despite a marked reduction in the current account deficit, according to the officials. Pakistan had arranged $4 billion but the IMF was still insisting on $6 billion in fresh loans, he added.
At a public gathering on Monday, Dar pointed out that Saudi Arabia had pledged $2 billion and the United Arab Emirates $1 billion to help Pakistan reach a staff-level agreement.
He said that there was hope that after arranging $3 billion the IMF would sign the staff-level agreement but that did not happen. “After the agreement, there is hope that the World Bank will approve $450 million and the Asian Infrastructure Investment Bank will give $250 million.”
...
https://tribune.com.pk/story/2421451/pakistan-seeks-fast-track-refinancing-of-13b-loans
daytrader
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Govt in last-ditch effort to secure IMF tranche
Foreign exchange reserves dip below $3b after paying off $1b Chinese loan
Pakistan has paid off a $1 billion Chinese commercial loan, as the government on Tuesday held the first high-level virtual meeting with the International Monetary Fund (IMF) in its final attempt to receive a $1.2 billion tranche.
The $1 billion payment to China was made on Monday, which again pushed the gross official currency reserves below $3 billion.
The first virtual contact between Finance Minister Ishaq Dar and IMF Mission Chief Nathan Porter was established after the presentation of the budget five days ago.
Sources in the finance ministry said no major breakthrough could be achieved in the first virtual contact and another round of meetings would now be held to address the IMF concerns.
The sources added that the IMF raised questions about the viability of the budget numbers, particularly the non-tax revenues. It also raised questions about the tax collection target of the Federal Board of Revenue (FBR).
There were also queries about the reality of the Rs7.3 trillion allocation for the interest payments in the next fiscal year.
The IMF team also raised questions about power subsidies. The global lender would hold a meeting with the Power Division, the sources added. The IMF team would also hold a separate meeting with the FBR.
Soon after the meeting with the IMF, Dar did not comment on the question about its outcome and left the venue.
Only 17 days are left until the expiry of the IMF extended programme and the government has now made the last attempt to receive $1.2 billion out of remaining $2.6 billion loans.
The total size of the programme is $6.5 billion and $3.9 billion has already been disbursed.
A participant of the virtual huddle hoped that the IMF might agree to give $1.2 billion tranche, provided the FBR, Budget Wing of the finance ministry, and Power Division were able to convince the global lender to disburse the amount in the follow up meetings.
The sources in the State Bank of Pakistan (SBP) and finance ministry told The Express Tribune that the country paid a $1 billion loan of the China Development Bank (CDB) on Monday.
They said the loan was due around June 29.
However, Islamabad decided to make the payment in advance to receive the money back within this fiscal year that was ending on June 30.
The repayment has also been made amid the government’s efforts to arrange the foreign currency from all available sources.
As part of these attempts, it has also offered an amnesty from the disclosure of source of income on bringing up to $100,000 in foreign remittance.
...
https://tribune.com.pk/story/2421666/govt-in-last-ditch-effort-to-secure-imf-tranche
Foreign exchange reserves dip below $3b after paying off $1b Chinese loan
Pakistan has paid off a $1 billion Chinese commercial loan, as the government on Tuesday held the first high-level virtual meeting with the International Monetary Fund (IMF) in its final attempt to receive a $1.2 billion tranche.
The $1 billion payment to China was made on Monday, which again pushed the gross official currency reserves below $3 billion.
The first virtual contact between Finance Minister Ishaq Dar and IMF Mission Chief Nathan Porter was established after the presentation of the budget five days ago.
Sources in the finance ministry said no major breakthrough could be achieved in the first virtual contact and another round of meetings would now be held to address the IMF concerns.
The sources added that the IMF raised questions about the viability of the budget numbers, particularly the non-tax revenues. It also raised questions about the tax collection target of the Federal Board of Revenue (FBR).
There were also queries about the reality of the Rs7.3 trillion allocation for the interest payments in the next fiscal year.
The IMF team also raised questions about power subsidies. The global lender would hold a meeting with the Power Division, the sources added. The IMF team would also hold a separate meeting with the FBR.
Soon after the meeting with the IMF, Dar did not comment on the question about its outcome and left the venue.
Only 17 days are left until the expiry of the IMF extended programme and the government has now made the last attempt to receive $1.2 billion out of remaining $2.6 billion loans.
The total size of the programme is $6.5 billion and $3.9 billion has already been disbursed.
A participant of the virtual huddle hoped that the IMF might agree to give $1.2 billion tranche, provided the FBR, Budget Wing of the finance ministry, and Power Division were able to convince the global lender to disburse the amount in the follow up meetings.
The sources in the State Bank of Pakistan (SBP) and finance ministry told The Express Tribune that the country paid a $1 billion loan of the China Development Bank (CDB) on Monday.
They said the loan was due around June 29.
However, Islamabad decided to make the payment in advance to receive the money back within this fiscal year that was ending on June 30.
The repayment has also been made amid the government’s efforts to arrange the foreign currency from all available sources.
As part of these attempts, it has also offered an amnesty from the disclosure of source of income on bringing up to $100,000 in foreign remittance.
...
https://tribune.com.pk/story/2421666/govt-in-last-ditch-effort-to-secure-imf-tranche
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‘Time running out for Pakistan-IMF deal’
Time is running out for Pakistan to convince the IMF to release the remaining $2.2 billion out of the $6.7bn bailout programme before June 30, said Moody’s in its latest report on Wednesday.
The rating agency has expressed fear that the country might face default in case of failure of the IMF programme. Finance Minister Ishaq Dar did hold several sessions but has failed to convince the top IMF officials for the completion of the 9th review essential for securing a staff-level agreement for the release of the $1.1bn tranche.
Only two weeks are left for Pakistan to reach a deal with IMF or face failure that would have serious consequences for the economy. The bailout package will expire on June 30.
Bloomberg quoted Grace Lim, a sovereign analyst with Moody’s in Singapore, saying the risks are increasing that Pakistan may be unable to complete the IMF programme that expires at the end of June.
Almost all top world rating agencies downgraded Pakistan’s economy several times during the current fiscal year. Most of the macro indicators remained negative while the poor foreign exchange reserves kept the economy under pressure during the entire fiscal year. The government struggled to avoid sovereign default with help from the friendly countries and donor agencies but the poor economic performance was a strong indicator for the helpers to keep a distance.
The latest government estimate is 0.29pc economic growth for FY23 but independent analysts believe contraction in the range of 2 to 3pc.
The rating agency said that without an IMF programme, Pakistan could default, given its very weak reserves. The State Bank of Pakistan’s foreign exchange holdings are below $4bn. Along with the Moody’s, other rating agencies have been warning that Pakistan could default in case IMF refused to complete the bailout package.
Both the prime minister and finance minister announced many times that Pakistan has met all pre-conditions for unlocking the IMF loan. Analysts and researchers also believe that Pakistan met the required conditions of the IMF.
On IMF demand, they said, the record high 21pc policy rate and huge cut on imports practically crumbled the economy and the nation has been paying heavy costs with 38pc inflation and loss of millions of jobs.
The Moody’s analyst said that Pakistan’s financing options beyond June are highly uncertain, even as its external repayments will remain significant over the next few years.
The financial sector in Pakistan believes that failure of the bailout package would put the country in hot water while the new government expected to come after general elections by the end of this year would not find it easy to steer through the disastrous economic conditions.
DAWN
Time is running out for Pakistan to convince the IMF to release the remaining $2.2 billion out of the $6.7bn bailout programme before June 30, said Moody’s in its latest report on Wednesday.
The rating agency has expressed fear that the country might face default in case of failure of the IMF programme. Finance Minister Ishaq Dar did hold several sessions but has failed to convince the top IMF officials for the completion of the 9th review essential for securing a staff-level agreement for the release of the $1.1bn tranche.
Only two weeks are left for Pakistan to reach a deal with IMF or face failure that would have serious consequences for the economy. The bailout package will expire on June 30.
Bloomberg quoted Grace Lim, a sovereign analyst with Moody’s in Singapore, saying the risks are increasing that Pakistan may be unable to complete the IMF programme that expires at the end of June.
Almost all top world rating agencies downgraded Pakistan’s economy several times during the current fiscal year. Most of the macro indicators remained negative while the poor foreign exchange reserves kept the economy under pressure during the entire fiscal year. The government struggled to avoid sovereign default with help from the friendly countries and donor agencies but the poor economic performance was a strong indicator for the helpers to keep a distance.
The latest government estimate is 0.29pc economic growth for FY23 but independent analysts believe contraction in the range of 2 to 3pc.
The rating agency said that without an IMF programme, Pakistan could default, given its very weak reserves. The State Bank of Pakistan’s foreign exchange holdings are below $4bn. Along with the Moody’s, other rating agencies have been warning that Pakistan could default in case IMF refused to complete the bailout package.
Both the prime minister and finance minister announced many times that Pakistan has met all pre-conditions for unlocking the IMF loan. Analysts and researchers also believe that Pakistan met the required conditions of the IMF.
On IMF demand, they said, the record high 21pc policy rate and huge cut on imports practically crumbled the economy and the nation has been paying heavy costs with 38pc inflation and loss of millions of jobs.
The Moody’s analyst said that Pakistan’s financing options beyond June are highly uncertain, even as its external repayments will remain significant over the next few years.
The financial sector in Pakistan believes that failure of the bailout package would put the country in hot water while the new government expected to come after general elections by the end of this year would not find it easy to steer through the disastrous economic conditions.
DAWN
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Dar says no to IMF diktat
Finance czar terms fund’s attitude ‘not professional’
What appears to be an end of a thorny four-year relationship, Finance Minister Ishaq Dar on Thursday refused to take the International Monetary Fund’s advice on the issue of giving tax exemptions while terming its attitude “not professional”.
In a strongly-worded response to the IMF’s statement about the new budget and the tax amnesty scheme, Dar came down hard on the global lender. He appeared before the Senate Standing Committee on Finance and criticised the IMF attitude since October last year.
“First, they want us to become Sri Lanka. Only then will they negotiate with us,” said a visibly perturbed minister. He went on to say that Pakistan was a sovereign country and we would not accept everything that the IMF says.
Dar made a sudden appearance and recorded his views on the IMF programme at the meeting that now seems meeting its unpleasant end.
However, it appears that the main coalition partner, the Pakistan Peoples Party (PPP), is not backing the government’s stance about the IMF. The PPP’s former finance minister, Senator Saleem Mandviwalla, said on Thursday that he was in favour of completing the 9th review of the IMF programme.
Pakistan had signed the $6.5 billion programme in July 2119. But the programme suffered serious setbacks from the beginning and got derailed four times. As a result, the review schedules were also amended every time. Still, the programme is going to end on June 30th with $2.6 billion remaining undisbursed.
The finance minister said that it will be a “sad story, if Pakistan does not receive the remaining over $2 billion”.
A day earlier, the IMF said that the proposed budget missed the opportunity to broaden the tax base, terming the new tax amnesty scheme a “damaging precedent”.
In a first official reaction to the expansionary Rs14.5 trillion budget, Esther Perez Ruiz, the resident representative of the IMF, said that the amnesty scheme is also against the good “governance agenda” and against the $6.5 billion programme objective.
Under the IMF programme, Pakistan cannot give any type of tax amnesty scheme.
Dar said that the IMF was against giving tax exemptions. “Small tax exemptions are *****ing them,” said Dar while insisting that the government had to give the breaks to revive the economy. The total cost of the tax exemptions is just Rs24.8 billion, he added.
He termed the delay in completing the 9th review unprofessional. “Certainly, not professional reasons for not agreeing to our budget,” said Dar.
He said that the IMF has also raised observations about the exchange rate regime and the external financing requirements. “We are a victim of geopolitics," he added,
Pakistan met every condition of the IMF, including securing external financing and sharing the budget 2023-24 details.
“Other conditions were completed as well,” he said. “I do not understand what the IMF wants and why it is not proceeding with the staff-level agreement.”
Dar narrated his side of the story since October last year when he became the finance minister but the IMF programme got derailed. Dar replaced Miftah Ismail in the last week of September.
“I invited them to send a mission in October but it took three months before a mission arrived at the end January”, said the minister. He said that during the review talks, on the basis of a projected $7 billion current account deficit we had agreed to $6 billion new external financing.
Now our current account deficit is projected below $4 billion and the IMF is still insisting on a $6 billion loan. He said that Pakistan has made a $3 billion arrangement from Saudi Arabia and the United Arab Emirates. The World Bank has also indicated giving a $450 million loan under the RISE-II programme but it is contingent upon the IMF good health of economy certificate, said Ishaq Dar.
Dar made it clear that he did not make the new budget in consultation with the IMF. The budget was shared only when the prime minister committed to the managing director of the IMF.
“I did not want to share the budget without the 10th review but the PM is the PM,” said Dar.
Speaking about the amendments undertaken by the previous government to appease the IMF, he added that the State Bank Amendment Act 2022 was intolerable. “The SBP is a Pakistani institution and does not belong to any global institution," said the finance minister.
PPP reacts
Meanwhile, in a statement sent to The Express Tribune, Chairman Standing Committee on Finance Senator Saleem Mandviwalla emphasised the need to complete the IMF programme.
“Delay in reaching an agreement with IMF is adding to the difficulties and we clearly believe the revival of the IMF programme is essential for receiving loans from international financial institutions, maintaining some confidence of investors and lenders about Pakistan’s progress towards stabilization of balance of payments”, he said.
Senator Madviwalla, who belongs to the PPP, further stated that a review of the budget is possible – especially the expenditure side and increase in BISP are good ideas. He said that at the same time taxing the well-off through showing progressivity in tax is also a good suggestion.
“We strongly recommend that the 9th review conditions set with the IMF can be achieved to ensure release of funds with Pakistan’s reserves falling to nearly $ 3 billion”, said Senator Mandviwalla.
“We also believe Pakistan should be considering contours of a new program soon”, he added.
Express Tribune
Finance czar terms fund’s attitude ‘not professional’
What appears to be an end of a thorny four-year relationship, Finance Minister Ishaq Dar on Thursday refused to take the International Monetary Fund’s advice on the issue of giving tax exemptions while terming its attitude “not professional”.
In a strongly-worded response to the IMF’s statement about the new budget and the tax amnesty scheme, Dar came down hard on the global lender. He appeared before the Senate Standing Committee on Finance and criticised the IMF attitude since October last year.
“First, they want us to become Sri Lanka. Only then will they negotiate with us,” said a visibly perturbed minister. He went on to say that Pakistan was a sovereign country and we would not accept everything that the IMF says.
Dar made a sudden appearance and recorded his views on the IMF programme at the meeting that now seems meeting its unpleasant end.
However, it appears that the main coalition partner, the Pakistan Peoples Party (PPP), is not backing the government’s stance about the IMF. The PPP’s former finance minister, Senator Saleem Mandviwalla, said on Thursday that he was in favour of completing the 9th review of the IMF programme.
Pakistan had signed the $6.5 billion programme in July 2119. But the programme suffered serious setbacks from the beginning and got derailed four times. As a result, the review schedules were also amended every time. Still, the programme is going to end on June 30th with $2.6 billion remaining undisbursed.
The finance minister said that it will be a “sad story, if Pakistan does not receive the remaining over $2 billion”.
A day earlier, the IMF said that the proposed budget missed the opportunity to broaden the tax base, terming the new tax amnesty scheme a “damaging precedent”.
In a first official reaction to the expansionary Rs14.5 trillion budget, Esther Perez Ruiz, the resident representative of the IMF, said that the amnesty scheme is also against the good “governance agenda” and against the $6.5 billion programme objective.
Under the IMF programme, Pakistan cannot give any type of tax amnesty scheme.
Dar said that the IMF was against giving tax exemptions. “Small tax exemptions are *****ing them,” said Dar while insisting that the government had to give the breaks to revive the economy. The total cost of the tax exemptions is just Rs24.8 billion, he added.
He termed the delay in completing the 9th review unprofessional. “Certainly, not professional reasons for not agreeing to our budget,” said Dar.
He said that the IMF has also raised observations about the exchange rate regime and the external financing requirements. “We are a victim of geopolitics," he added,
Pakistan met every condition of the IMF, including securing external financing and sharing the budget 2023-24 details.
“Other conditions were completed as well,” he said. “I do not understand what the IMF wants and why it is not proceeding with the staff-level agreement.”
Dar narrated his side of the story since October last year when he became the finance minister but the IMF programme got derailed. Dar replaced Miftah Ismail in the last week of September.
“I invited them to send a mission in October but it took three months before a mission arrived at the end January”, said the minister. He said that during the review talks, on the basis of a projected $7 billion current account deficit we had agreed to $6 billion new external financing.
Now our current account deficit is projected below $4 billion and the IMF is still insisting on a $6 billion loan. He said that Pakistan has made a $3 billion arrangement from Saudi Arabia and the United Arab Emirates. The World Bank has also indicated giving a $450 million loan under the RISE-II programme but it is contingent upon the IMF good health of economy certificate, said Ishaq Dar.
Dar made it clear that he did not make the new budget in consultation with the IMF. The budget was shared only when the prime minister committed to the managing director of the IMF.
“I did not want to share the budget without the 10th review but the PM is the PM,” said Dar.
Speaking about the amendments undertaken by the previous government to appease the IMF, he added that the State Bank Amendment Act 2022 was intolerable. “The SBP is a Pakistani institution and does not belong to any global institution," said the finance minister.
PPP reacts
Meanwhile, in a statement sent to The Express Tribune, Chairman Standing Committee on Finance Senator Saleem Mandviwalla emphasised the need to complete the IMF programme.
“Delay in reaching an agreement with IMF is adding to the difficulties and we clearly believe the revival of the IMF programme is essential for receiving loans from international financial institutions, maintaining some confidence of investors and lenders about Pakistan’s progress towards stabilization of balance of payments”, he said.
Senator Madviwalla, who belongs to the PPP, further stated that a review of the budget is possible – especially the expenditure side and increase in BISP are good ideas. He said that at the same time taxing the well-off through showing progressivity in tax is also a good suggestion.
“We strongly recommend that the 9th review conditions set with the IMF can be achieved to ensure release of funds with Pakistan’s reserves falling to nearly $ 3 billion”, said Senator Mandviwalla.
“We also believe Pakistan should be considering contours of a new program soon”, he added.
Express Tribune
shah_1
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Worst finance minister ever
He messed up the whole IMF program when Miftah was sacked, he was all macho and saying I will control Rupee value through any mean. The whole program was derailed due to his incompetence.
He messed up the whole IMF program when Miftah was sacked, he was all macho and saying I will control Rupee value through any mean. The whole program was derailed due to his incompetence.
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Govt ditches Dar’s toxic with IMF U-turn
Finance ministry says ready to address fund’s budget concerns
Pakistan on Friday said that it was ready to address the International Monetary Fund’s concerns over the budget for fiscal year 2023-24 after Prime Minister Shehbaz Sharif took note of the fast deterioration in relations with the global lender during the past few days.
“We are not doctrinaire about any element of the budget FY24 and are keenly engaged with the IMF to reach an amicable solution,” said the Ministry of Finance in a surprising statement in response to the IMF’s objections over the new budget.
The new statement marks a departure from the earlier rigid stance taken by Finance Minister Ishaq Dar who on Thursday said that Pakistan would not accept IMF’s advice on giving tax exemptions.
Sources told The Express Tribune that the prime minister called an early morning meeting on Friday.
He asked the finance ministry to try to address the concerns expressed by the IMF with regard to the new budget, said the sources and added that after the PM’s meeting, the government decided to take another shot on the 9th review that carries a bonanza of $1.2 billion tranche.
A day earlier, it looked like that the Pakistan-IMF programme ended after a ***-for-tat response by the IMF and the Pakistani authorities. The finance minister also had a meeting with the IMF Mission Chief early this week that also remained inconclusive.
“It is in our national interest that we complete the 9th review and get another loan tranche of $1.2 billion,” said a senior government functionary on the condition of anonymity.
He said that the entire economic team was on the same page with regard to at least completing the 9 review of the programme.
The prime minister has multiple times made interventions to save the IMF programme. Last time, he also made a telephonic call to the managing director of the IMF and requested her to complete the 9th review.
“We’ve made all the efforts to complete the ninth review, but it takes two to tango,” said Dar on Friday while speaking during a meeting of the National Assembly Standing Committee on Finance.
...
https://tribune.com.pk/story/2422176/govt-ditches-dars-toxic-with-imf-u-turn
Finance ministry says ready to address fund’s budget concerns
Pakistan on Friday said that it was ready to address the International Monetary Fund’s concerns over the budget for fiscal year 2023-24 after Prime Minister Shehbaz Sharif took note of the fast deterioration in relations with the global lender during the past few days.
“We are not doctrinaire about any element of the budget FY24 and are keenly engaged with the IMF to reach an amicable solution,” said the Ministry of Finance in a surprising statement in response to the IMF’s objections over the new budget.
The new statement marks a departure from the earlier rigid stance taken by Finance Minister Ishaq Dar who on Thursday said that Pakistan would not accept IMF’s advice on giving tax exemptions.
Sources told The Express Tribune that the prime minister called an early morning meeting on Friday.
He asked the finance ministry to try to address the concerns expressed by the IMF with regard to the new budget, said the sources and added that after the PM’s meeting, the government decided to take another shot on the 9th review that carries a bonanza of $1.2 billion tranche.
A day earlier, it looked like that the Pakistan-IMF programme ended after a ***-for-tat response by the IMF and the Pakistani authorities. The finance minister also had a meeting with the IMF Mission Chief early this week that also remained inconclusive.
“It is in our national interest that we complete the 9th review and get another loan tranche of $1.2 billion,” said a senior government functionary on the condition of anonymity.
He said that the entire economic team was on the same page with regard to at least completing the 9 review of the programme.
The prime minister has multiple times made interventions to save the IMF programme. Last time, he also made a telephonic call to the managing director of the IMF and requested her to complete the 9th review.
“We’ve made all the efforts to complete the ninth review, but it takes two to tango,” said Dar on Friday while speaking during a meeting of the National Assembly Standing Committee on Finance.
...
https://tribune.com.pk/story/2422176/govt-ditches-dars-toxic-with-imf-u-turn
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Assets beyond means case 'reopened' against Ishaq Dar
Former finance minister to appear before Islamabad's accountability court on October 10
Following the Supreme Court of Pakistan's decision declaring amendments to the National Accountability Bureau's (NAB) laws null and void, the anti-graft watchdog has once again "reopened" the assets beyond means case against former finance minister Ishaq Dar.
According to details, NAB has submitted the record of the assets beyond means case against Dar in the Islamabad accountability court.
Furthermore, Judge Mohammad Bashir has issued a summon directing the ex-finance czar and senior Pakistan Muslim League-Nawaz (PML-N) leader to appear before the court on October 10 next month.
Separately — in Karachi — the accountability court has scheduled the hearing of the NAB reference against Dr Asim and eight others directing the accused to appear before the court on October 7.
The development comes as earlier this month, a three-member bench of the apex in a majority 2-1 verdict approved Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan's petition challenging amendments made to the country's accountability laws during the tenure of the previous Pakistan Democratic Movement (PDM)-led government.
The apex court in its September 15 judgment, ordered restoring all graft cases worth less than Rs500 million that were closed against the political leaders and public office holders and declared the amendments void.
Following the SC ruling, the anti-corruption watchdog wrote a letter to the registrar of an accountability court [for the reopening of relevant graft cases].
www.thenews.com.pk
Former finance minister to appear before Islamabad's accountability court on October 10
Following the Supreme Court of Pakistan's decision declaring amendments to the National Accountability Bureau's (NAB) laws null and void, the anti-graft watchdog has once again "reopened" the assets beyond means case against former finance minister Ishaq Dar.
According to details, NAB has submitted the record of the assets beyond means case against Dar in the Islamabad accountability court.
Furthermore, Judge Mohammad Bashir has issued a summon directing the ex-finance czar and senior Pakistan Muslim League-Nawaz (PML-N) leader to appear before the court on October 10 next month.
Separately — in Karachi — the accountability court has scheduled the hearing of the NAB reference against Dr Asim and eight others directing the accused to appear before the court on October 7.
The development comes as earlier this month, a three-member bench of the apex in a majority 2-1 verdict approved Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan's petition challenging amendments made to the country's accountability laws during the tenure of the previous Pakistan Democratic Movement (PDM)-led government.
The apex court in its September 15 judgment, ordered restoring all graft cases worth less than Rs500 million that were closed against the political leaders and public office holders and declared the amendments void.
Following the SC ruling, the anti-corruption watchdog wrote a letter to the registrar of an accountability court [for the reopening of relevant graft cases].
Assets beyond means case 'reopened' against Ishaq Dar
Following the Supreme Court of Pakistan's decision declaring amendments to the National Accountability Bureau's laws null and void, the anti-graft watchdog has once again reopened the assets...
www.thenews.com.pk
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Ishaq Dar left for Pakistan after staying in London for two weeks.
Source: BOL News
Source: BOL News
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Dar gets clean chit
The accountability court cleared former finance minister Ishaq Dar after the National Accountability Bureau (NAB) conceded that it “lacked evidence to substantiate the allegations” of corruption.
The accountability court ruled that “there is no incriminating evidence” against Dar and NAB had also informed that the probe could not find the proof of alleged corruption.
According to the prosecution, the former finance minister’s assets had grown manifold from Rs9.1 million in 1982-83 to Rs831.6 million in 2008.
Last week, the accountability judge Mohammad Bashir reserved the decision to re-hear the assets reference against Ishaq Dar.
During the hearing on Monday, NAB’s special prosecutor Afzal Qureshi informed the judge that the bureau could not obtain “tangible evidence” to prove the allegations against the senator.
He argued that the prosecution was of the view that the case could not be proceeded further for want of evidence. The judge sought NAB’s response in writing which was submitted in the court.
According to Dar’s counsel Qazi Misbah, the joint investigation team probing the Panama Papers case did not produce any evidence against Mr Dar and the investigation was “marred with flaws”.
Subsequently, the court cleared Mr Dar as well as the co-accused, including ex-president of the National Bank of Pakistan Saeed Ahmed.
The same court on November 22, 2022, dropped the proceedings against Mr Dar and returned the case file to the National Accountability Bureau (NAB).
It may be noted that the court on Dec 11, 2017, declared Ishaq Dar a proclaimed offender and attached his movable and immovable properties. It had also cancelled his perpetual arrest warrant upon his surrender on Oct 10.
DAWN
The accountability court cleared former finance minister Ishaq Dar after the National Accountability Bureau (NAB) conceded that it “lacked evidence to substantiate the allegations” of corruption.
The accountability court ruled that “there is no incriminating evidence” against Dar and NAB had also informed that the probe could not find the proof of alleged corruption.
According to the prosecution, the former finance minister’s assets had grown manifold from Rs9.1 million in 1982-83 to Rs831.6 million in 2008.
Last week, the accountability judge Mohammad Bashir reserved the decision to re-hear the assets reference against Ishaq Dar.
During the hearing on Monday, NAB’s special prosecutor Afzal Qureshi informed the judge that the bureau could not obtain “tangible evidence” to prove the allegations against the senator.
He argued that the prosecution was of the view that the case could not be proceeded further for want of evidence. The judge sought NAB’s response in writing which was submitted in the court.
According to Dar’s counsel Qazi Misbah, the joint investigation team probing the Panama Papers case did not produce any evidence against Mr Dar and the investigation was “marred with flaws”.
Subsequently, the court cleared Mr Dar as well as the co-accused, including ex-president of the National Bank of Pakistan Saeed Ahmed.
The same court on November 22, 2022, dropped the proceedings against Mr Dar and returned the case file to the National Accountability Bureau (NAB).
It may be noted that the court on Dec 11, 2017, declared Ishaq Dar a proclaimed offender and attached his movable and immovable properties. It had also cancelled his perpetual arrest warrant upon his surrender on Oct 10.
DAWN
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