Pakistani Prime Minister – The New Indian Express

By PTI

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Sunday accused Imran Khan’s Pakistani party Tehreek-e-Insaf of trying to sabotage a deal with the IMF ahead of the crucial Washington-based lender’s board meeting, saying that “self-centered politics” will cause enormous injustice to the country.

The IMF board will meet on Monday to decide whether to disburse a $1.18 billion loan tranche to Pakistan as the country scrambles to avoid economic collapse amid rising inflation high and declining foreign exchange reserves.

“I have never seen such a self-centered policy; it will be a huge injustice with Pakistan and a big conspiracy against the country,” Sharif said, referring to Pakistan’s Tehreek-e-Insaf party, during his visit to inspect flood victims. in the province of Sindh.

Khyber Pakhtunkhwa provincial finance minister Taimur Khan Jhagra sent a scathing letter to his federal counterpart Miftah Ismail on Friday, saying it would be “almost impossible” to generate a provincial surplus this year due to the unprecedented floods that wreaked havoc. across the country and unresolved budget issues.

Khyber Pakhtunkhwa province is ruled by former Prime Minister Khan’s Pakistan Tehreek-e-Insaf (PTI) party. Guaranteeing surpluses by the provinces this year is an essential condition for an IMF bailout.

Meanwhile, the Pakistani government contacted the IMF and gave them clarification on Jhagra’s letter to Ismail, according to Geo News. The ministry said the IMF deal would be implemented at all costs and the international lender had responded positively to Pakistan’s explanation, according to the report.

The IMF had announced on July 13 a long-awaited services-level agreement with Pakistan on a nine-month extension of the duration and a $1 billion increase in the size of the bailout package to $7 billion, including an initial disbursement of approximately $1.18. billion.

READ ALSO | Ousted Pakistani Prime Minister Imran Khan vows to continue rallies against rivals and fight for ‘true freedom’

Its approval by the IMF board was, however, tied to a series of prior actions that the government has taken over the past two weeks.

Saudi Arabia has said it will invest $1 billion in Pakistan to support the cash-strapped country’s struggling economy, the Gulf Kingdom’s Foreign Minister Prince Faisal bin Farhan said on Thursday. to his Pakistani counterpart Bilawal Bhutto Zardari in a phone call.

Initial Expanded Financing Facility (EFF) worth $6 billion over 39 months “agreed in 2019 for countries facing severe payment imbalances due to structural impediments or slow growth and an inherently weak balance of payments position” was due to end in September this year, but only three tranches of about $3 billion have so far been able to be disbursed as the program suffered repeated outages, according to the Dawn newspaper. .

Since Khan’s ouster in April, Pakistan’s currency has fallen to an all-time low of 240 amid uncertainty over IMF aid. Earlier this month, New York-based rating agency S&P Global revised Pakistan’s long-term ratings from ‘stable’ to ‘negative’ in light of soaring inflation and tighter conditions. global financials.

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Sunday accused Imran Khan’s Pakistani party Tehreek-e-Insaf of trying to sabotage a deal with the IMF ahead of the crucial Washington-based lender’s board meeting, saying that “self-centered politics” will cause enormous injustice to the country. The IMF board will meet on Monday to decide whether to disburse a $1.18 billion loan tranche to Pakistan as the country scrambles to avoid economic collapse amid rising inflation high and declining foreign exchange reserves. “I have never seen such a self-centered policy; it will be a huge injustice with Pakistan and a big conspiracy against the country,” Sharif said, referring to Pakistan’s Tehreek-e-Insaf party, during his visit to inspect flood victims. in the province of Sindh. Khyber Pakhtunkhwa provincial finance minister Taimur Khan Jhagra sent a scathing letter to his federal counterpart Miftah Ismail on Friday, saying it would be “almost impossible” to generate a provincial surplus this year due to the unprecedented floods that wreaked havoc. across the country and unresolved budget issues. Khyber Pakhtunkhwa province is ruled by former Prime Minister Khan’s Pakistan Tehreek-e-Insaf (PTI) party. Guaranteeing surpluses by the provinces this year is an essential condition for an IMF bailout. Meanwhile, the Pakistani government contacted the IMF and gave them clarification on Jhagra’s letter to Ismail, according to Geo News. The ministry said the IMF deal would be implemented at all costs and the international lender had responded positively to Pakistan’s explanation, according to the report. The IMF had announced on July 13 a long-awaited services-level agreement with Pakistan on a nine-month extension of the duration and a $1 billion increase in the size of the bailout package to $7 billion, including an initial disbursement of approximately $1.18. billion. READ ALSO | Ousted Pakistani Prime Minister Imran Khan vows to continue rallies against his rivals and fight for ‘true freedom’. Its approval by the IMF board was, however, tied to a series of prior actions that the government has taken over the past two weeks. Saudi Arabia has said it will invest $1 billion in Pakistan to support the cash-strapped country’s struggling economy, the Gulf Kingdom’s Foreign Minister Prince Faisal bin Farhan said on Thursday. to his Pakistani counterpart Bilawal Bhutto Zardari in a phone call. Initial Expanded Financing Facility (EFF) worth $6 billion over 39 months “agreed in 2019 for countries facing severe payment imbalances due to structural impediments or slow growth and an inherently weak balance of payments position” was due to end in September this year, but only three tranches of about $3 billion have so far been able to be disbursed as the program suffered repeated outages, according to the Dawn newspaper. . Since Khan’s ouster in April, Pakistan’s currency has fallen to an all-time low of 240 amid uncertainty over IMF aid. Earlier this month, New York-based rating agency S&P Global revised Pakistan’s long-term ratings from ‘stable’ to ‘negative’ in light of soaring inflation and tougher conditions. global financials.

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