ISLAMABAD - Pakistan is working to fulfil another prior action of the International Monetary Fund (IMF) to give a written commitment from the friendly countries for external financing during the current fiscal year to revive the much needed loan programme. Although, Pakistan has fulfilled all prior actions of the IMF, but the government faced another condition of providing a written commitment from the friendly countries for external financing during the current fiscal year. Friendly countries including Saudi Arabia and UAE have pledged with Pakistan to deposit two billion dollars and one billion dollars respectively in State Bank of Pakistan’s account. Meanwhile, Qatar has also shown interest in making huge investment by purchasing power plants. Officials have informed that the government is actively working to fulfil this condition of the Fund.
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Pakistan has already briefed the Fund on its plan to increase the foreign exchange reserves held by the central bank to $10 billion by June this year with the help of friendly countries. The IMF was informed that the country’s foreign exchange reserves have started to build after inflows from China. Pakistan has received around $1.2 billion from China in the last few days. Pakistan is expecting to receive another $800 million from China in the ongoing month, making the overall financing from the friendly country to reach $2 billion. Pakistan and IMF have yet to reach on staff level agreement as both sides are continuously negotiating since January 31 this year. The government had met all prior actions of the IMF. Top government officials including Prime Minister, Finance Minister and Governor SBP have claimed several times that Pakistan and IMF would soon reach a staff level agreement. However, the deal has yet to finalize.
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