IMF Review
LAHORE: On Tuesday, Caretaker Prime Minister Anwaar-ul-Haq Kakar expressed hope that Pakistan will “successfully conclude” the upcoming review of the International Monetary Fund (IMF) scheduled next month.
An IMF mission led by Nathan Porter will visit Pakistan from November 2-16 to discuss the first review of the country’s current $3 billion standby arrangement (SBA).
In July, Pakistan received $1.2 billion from the IMF as the first tranche under the program that helped avert a sovereign debt default. The interim prime minister stated, “We have achieved the targets, and we have met the revenue targets. We are quite comfortable that our negotiations for the second tranche will conclude very successfully,” addressing journalists.
Regarding inflation, the interim prime minister noted that it would be “unfair” to claim there has been no decline in the inflation rate. He explained that reports showed a decline in the prices of essential items due to the appreciation of the rupee against the dollar and a decrease in the price of petroleum products.
The PM also urged journalists to calculate the impact of the local unit’s appreciation against the greenback on the circular debt. He mentioned that strict actions against smuggling through the Afghan transit trade had helped the local industry, restoring productivity.
The PM highlighted that due to smuggling, local mills, which he used as an example, were unable to compete against smuggled items and were forced to shut down.
“These are all indicators that are going positive,” Kakar emphasized.
PM Announces Path for Illegal Foreigners to Return with Visas
The Prime Minister addressed the issue of illegal foreigners residing in Pakistan, welcoming them to return with valid visas, emphasizing that any foreign citizen can enter Pakistan with the appropriate visa.
He clarified that registered Afghan refugees were not being sent back. Illegal residents were given a grace period to leave voluntarily and return legally, as no country allows illegal immigration.
The government had set a November 1 deadline for the expulsion of illegal immigrants, including undocumented foreigners. Pakistan had hosted over four million Afghan refugees for 40 years under the Geneva Convention, despite not being a signatory. Over 67,000 people had voluntarily returned to Afghanistan between October 1 and 28.
