COAS requests US to put pressure on IMF for early bailout package
Chief of Army Staff (COAS) Qamar Javed Bajwa has reached out to Washington to request help in securing an early loan dispersal from the International Monetary Fund (IMF).
The Army Chief had a telephone conversation with the US Deputy Secretary of State Wendy R Sherman, in which he urged that the White House and the Treasury Department should put pressure on the IMF to immediately provide about $1.2 billion bailout package to Pakistan.
According to foreign media, in the conversation, the White House was appealed to speed up the process of the IMF loan of 1.2 billion dollars.
It should be noted that the IMF had approved the ‘Staff Level Agreement’ with Pakistan on July 13.
Finance Minister Miftah Ismail along with Prime Minister Shehbaz Sharif have said many times that the Executive Board of the IMF will soon approve the staff level agreement.However, despite the agreement between Pakistan and the IMF, the loan amount has not been provided to Pakistan so far.
Important points of the IMF statement
Pakistan will have to maintain exchange rate stability based on supply and demand, along with prudent monetary policy and improved efficiency of public institutions.
$1.7 billion dollars will be provided to Pakistan, but Pakistan will have to strictly adhere to the recent budget, the provinces have assured to limit the budget deficit.
Export refinance schemes will continue to be linked to interest rates. To control corruption, electronic asset declaration is underway in Pakistan. Government of Pakistan will work to improve the effectiveness of anti-corruption agencies including NAB.