WATCH: Ishaq Dar became Extremely angry to answer the ‘IMF deal failure’ question:
Finance Minister Ishaq Dar expressed anger in response to journalists‘ questions regarding his failure to secure a Staff Level Agreement with the International Monetary Fund (IMF).
Dar, who was clearly displeased, declined to comment on the new budget or the IMF agreement.
“Has Pakistan defaulted?” he asked quickly, before adding that the government had taken steps to ensure prompt international payments.
A journalist stated that the economy was not improving and questioned whether this was the first time he had experienced difficult economic conditions.
In response, the finance minister told the reporter, “I will review it later.” He also urged them to give a verdict.
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On Monday, Finance Minister Ishaq Dar delivered a speech at Pakistan’s First International Conference on Islamic Capital Markets, where he reassured the nation that the government has been actively working towards improving the economy.
The conference was collaboratively organized by the Securities and Exchange Commission of Pakistan (SECP) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Pakistan’s Finance Minister Ishaq Dar Reveals Plan to Share Upcoming Budget Details with IMF to Unlock Stalled Funds Amid Diminishing Hopes for Resumption of Deal
In order to release frozen funds, Pakistan’s Finance Minister Ishaq Dar declared on Sunday that the country would share the upcoming budget’s specifics with the International Monetary Fund (IMF).
As the bailout programme agreed upon in 2019 is scheduled to expire on June 30 at the end of the 2022–23 fiscal year, analysts claim that the chances of an IMF deal being revived are dwindling.
Dar stated that he wanted the IMF to approve its 9th review before the budget, which is expected to be delivered in early June, as all prerequisites have already been satisfied.
Pakistan, a South Asian nation with a $350 billion economy, greatly depends on the IMF’s funding because it is currently experiencing a serious balance of payments crisis.
A potential sovereign default has been posed by this crisis, however, the minister rejected these fears.
Only one month’s worth of restricted imports is now barely covered by Pakistan’s central bank’s foreign reserves.
The country’s economy has slowed down; for the years 2022 to 2023, the GDP growth rate is predicted to be 0.29 per cent.
During an interview with local TV, Dar stated, “They have requested some additional information once again, and we are prepared to provide that as well.
They have asked for the budget details, and we will provide it to them.”
