ISLAMABAD: Dr. Ayesha Ghaus Pasha, the Minister of State for Finance, reassured the nation that the incumbent government remains in constant contact with the International Monetary Fund (IMF) regarding the recent budget and the progress of the ninth review of the ongoing bailout package.
Speaking to reporters after a meeting of the Senate Standing Committee, the minister emphasized that despite any challenges, the nation should not be discouraged and expressed optimism about the review’s status.
Dr. Pasha highlighted that numerous sessions have taken place between the IMF and the Ministry of Finance during both sessions. Furthermore, the IMF has held meetings with the State Bank of Pakistan (SBP) and the Federal Board of Revenue (FBR). The lending entity has been actively seeking clarification and requesting detailed information from the Ministry of Finance regarding the budget and related data.
Pakistan May Consider Debt Restructure
Regarding debt restructuring with different countries, Dr. Pasha mentioned that Finance Minister Ishaq Dar has previously stated that Pakistan may consider this option but is not currently contemplating approaching the Paris Club. She reiterated that while Pakistan is committed to not defaulting on multilateral, commercial, or other international debt, the country may consider restructuring its bilateral debt, aligning with the practices of other nations.
The completion and implementation of the 9th review of the IMF deal were expected to be finalized by the end of this month. However, Pakistan is still awaiting the unlocking of the $1.1 billion tranche, which has been pending since September of the previous year. Meanwhile, the 10th review is also pending, but due to time constraints, its implementation appears to be challenging.
