WASHINGTON: Pakistan’s staff-level agreement with the International Monetary Fund (IMF) depended on timely support from friendly countries, the fund’s Communications Director Julie Kozack has said.
Speaking at a news conference, Kozack said that Pakistan’s economy was facing a myriad of challenges, including inflation, low growth rate, and depleting foreign exchange reserves, adding that floods further exacerbated the country’s economic crisis.
She said negotiations were underway on the ninth review of the extended fund facility with the South Asian economy. She called on the Pakistani government to restore confidence by implementing economic reforms.
IMF agreement to help secure further external aid
Kozack said securing the staff-level agreement with the IMF would also prompt other aid agencies to come to Pakistan’s help.
She urged Islamabad to timely secure support from friendly countries and other funding institutions.
She said global aid agencies, including the World Bank and Asian Development Bank, as well as China, Saudi Arabia, and the United Arab Emirates, wanted the implementation of IMF reforms.
She added that the lender also sought funding assurances from donor countries and aid institutions.
