Dar calls for greater policy support from IMF, donors

ISLAMABAD, Oct 16 (APP): Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar has called for greater policy support from the International Monetary Fund (IMF) and multilateral donors in the backdrop of the climate-induced catastrophe and losses suffered by the country.

The minister was addressing a meeting of MENAP (Middle East, North Africa, Afghanistan, and Pakistan) Ministers of Finance and Central Bank Governors with the Managing Director IMF Kristalina Georgieva in Washington DC.

He urged IMF to tailor its response to the situation in Pakistan and similar countries by taking into consideration the serious economic, social and political challenges that these countries face in the backdrop of climate induced calamities.

He highlighted the humanitarian catastrophe and losses suffered by the country. Given the scale of disaster, he pleaded more policy support for Pakistan.

He welcomed new IMF instruments Resilience and Sustainability Trust (RST) and Food Shock Window under Rapid Financing Instrument (RFI) to support countries.

He also thanked MD IMF for her sentiments and committed to complete the Fund program despite challenges, according to press statement received here Sunday.

On the occasion, Managing Director IMF highlighted challenges faced by regional economies including from climate change events citing Pakistan’s damaging floods. She expressed her deep sympathies with Pakistan and assured Fund’s full support.

Meanwhile, the minister and  Governor State Bank of Pakistan, Jameel Ahmed met Queen Maxima of Netherlands on the sidelines of annual meetings of IMF-WB to discuss financial inclusion and banking on equality. The two sides reiterated commitment to work together to achieve fast progress in the subjects discussed.

Dar also met Director General of Kuwait Fund, Marwan Abdullah Yusuf Thunayan Al- Ghanem. The Minister appreciated the contribution of Kuwait Fund to Pakistan’s economic development and discussed ongoing projects and potential new areas of investments.

The minister held a meeting with President Asian Development Bank (ADB), Masatsugu Asakawa and thanked him for support provided over the years as a major development partner of Pakistan and also for the recent post flood commitments.

The ADB President assured the finance minister of approval of BRACE program amounting to US $1.5 billion and of continued support to Pakistan.

The minister also met his Libyan counterpart, Khaled Al-Mabrouk and both the dignitaries discussed issues of mutual interest.

In his meeting with Managing Director International Finance Corporation (IFC), Makhtar Diop, the minister appreciated the role of the corporation in promoting private sector development in Pakistan.

He also discussed potential means of enhancing IFC engagement in Pakistan, particularly for trade finance. He assured all the facilitation required by IFC in this regard.

On the occasion, Makhtar Diop assured the Finance Minister of IFC’s continued support to Pakistan.

It is pertinent to mention here that the Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2022 Annual meetings being held in Washington DC.

Other delegates include Federal Minister for Economic Affairs, Sardar Ayaz Sadiq; Minister of State for Finance and Revenue, Dr. Aisha Ghaus Pasha; Governor State Bank of Pakistan, Jameel Ahmed; Finance Secretary, Hamed Yaqoob Sheikh; Secretary Economic Affairs Division, Dr. Kazim Niaz and Additional Secretary, Finance Division, Ali Tahir.