It is more than that. Kristalina is waving a very tough love stick, basically saying the comedy hour is over. Perform or go away, those are the only options.
IMF team to travel to Pakistan in 2-3 days to finalise ninth review: PM Shehbaz
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Path-Finder
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I think I made it clear that I want all deals from 2001 to present!!! Nice deflection attempt.
El Sidd
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All other options seem to be systematically surrendered.
Its legally impossible
Path-Finder
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YET you were asking it! unless you worry that the information that surfaces wont favour your bogus views.
El Sidd
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The demand was to make those terms and conditions deliberated through due process of parliamentary democracy. The dictatorial method of how IMF agreements are made in the country is a cruel joke on democracy.
Path-Finder
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IMF deals are NEVER made public! except you find out through tertiary sources. still you keep banging the IMF drum yet avoid the main question how did Pakistan default from likelihood of 5% to now bankruptcy? where did all the forex vanish too?
PDM has videos and audios to sell the nation but I bet you have the right answer.
You can download from here an extremely fine-grained analysis (112 pages long). I am fairly confident Dar will not be able to understand it. It is a detailed fiscal and monetary analysis done by professional economists at IMF.
Pakistan: Seventh, and Eighth Reviews of the Extended Arrangement under the Extended Fund Facility, Requests for Waivers of Nonobservance of Performance Criteria, and for Extension, Augmentation, and Rephasing of Access-Press Release; Staff Report; S
Economic activity remained robust in FY22, fueled by loose fiscal policy and a delayed monetary response to inflationary pressures. These combined with the international food and fuel price shocks led to a marked deterioration of the external position with an unsustainable current account...
www.imf.org
Path-Finder
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dar is the litteral economic hitman. a money launderer and a scammer!You can download from here an extremely fine-grained analysis (112 pages long). I am fairly confident Dar will not be able to understand it. It is a detailed fiscal and monetary analysis done by professional economists at IMF.
Pakistan: Seventh, and Eighth Reviews of the Extended Arrangement under the Extended Fund Facility, Requests for Waivers of Nonobservance of Performance Criteria, and for Extension, Augmentation, and Rephasing of Access-Press Release; Staff Report; S
Economic activity remained robust in FY22, fueled by loose fiscal policy and a delayed monetary response to inflationary pressures. These combined with the international food and fuel price shocks led to a marked deterioration of the external position with an unsustainable current account...www.imf.org
Pakstallion
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Will be back in 3 days on this thread. Hope PMLN supp will rip on Ss and Dar when we default, although can already see them blaming Ik for all this.
Something is rotten in the state of Denmark, but I have been unable to guess what it could be. IMF wouldn't be this hardnosed unless there are intractable problems.
IMF chief declines to travel to Geneva on PM's invitation, ready to attend moot virtually
IMF chief declines to travel to Geneva on PM's invitation, ready to attend moot virtually
ISLAMABAD: On Prime Minister Shehbaz Sharif's invitation to attend Climate Resilient Pakistan Conference in Geneva, International Monetary Fund Managing Director Kristalina Georgieva excused...www.thenews.com.pk
This is embarrassing... Why should a PM invite someone for that person to decline? Looks like a diplomatic failure..
N.Siddiqui
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Destroy the economy, stagnate the exports, curtail the remittances, decrease the direct taxation, close the industries and businesses, and then go for the IMF package and flung it like a winning trophy.
And get some more doleouts from Saudis and Arabs, actually loans.
This is Dar economics for you.
And dark economics for the country.
And get some more doleouts from Saudis and Arabs, actually loans.
This is Dar economics for you.
And dark economics for the country.
This may be a cultural faux pas. The PM thought he can act as a higher authority than Dar and get his way, not realizing IMF deals with countries not personalities. Kristalina said, no thanks, I can't come. You may be a Prime Minister, but I am the lender, and you are the borrower. Better learn the direction of flow of power!
With Pakistan’s official foreign currency reserves slipping to a dangerous level of $4.5 billion because of major debt repayments, Prime Minister Shehbaz Sharif has requested the International Monetary Fund (IMF) managing director to immediately send over a team to the country to start review negotiations for the next tranche of its loan.
While speaking at the inauguration of Hazara Electric Supply Company (HAZECO) in Islamabad, the premier also confirmed a story of The Express Tribune that he had a telephonic conversation with IMF Managing Director Kristalina Georgieva on Thursday.
“I asked her to send an IMF team for the completion of the pending 9th review of the programme so that the next loan tranche is released,” he told the gathering while referring to his telephonic conversation with Georgieva a day earlier. “She assured that the mission will visit [Pakistan] in the next two to three days.”
However, the finance ministry sources said no dates for the IMF review mission had been finalised yet.
Finance Minister Ishaq Dar would leave for Geneva along with PM Shehbaz and meet IMF officials on the sidelines of a conference there. The conference has now been lowered to a climate resilience event from a donors’ conference because of lack of interest by major players.
The premier’s direct intervention in the IMF programme talks suggests that the matters have slipped out of the hands of the finance ministry.
The 9th review talks have been pending since October last year, resulting in the withholding of a $1.1 billion loan tranche. Pakistan is keen to complete the 9th review so that the World Bank and Asian Infrastructure Investment Bank (AIIB) may also release their loans.
Dar held a virtual meeting with Jin Liqun, the president of the AIIB, requesting him to provide more loans.
PM Shehbaz disclosed his conversation with the IMF’s head the day Pakistan repaid two more foreign commercial loans totalling $1.02 billion.
Pakistan paid back $600 million to the Emirates NBD Bank and $420 million to the Dubai Islamic Bank on Friday, according to government officials.
After the fresh debt repayments, the official foreign exchange reserves have dropped to about $4.5 billion -- sufficient for only 25 days of import cover.
No major inflow has been reported in the first week of January. The central bank had reported on Thursday that as of December 30, 2022, the foreign exchange reserves stood at $5.6 billion, which have now been further depleted.
However, Pakistan is expecting a refinancing of $700 million by the Chinese Development Bank and $3 billion cash injection by Saudi Arabia -- what Dar said would arrive “in days”.
The prime minister also disclosed that Georgieva inquired whether or not China and Saudi Arabia were supporting Pakistan.
“Because of their huge financial exposures, I would be surprised if China and Saudi Arabia do not link their financial assistance with the IMF programme that oversees Pakistan,” said Haroon Sharif, a former chairman of the Board of Investment, while speaking during Express News’ show – ‘The Review’.
Haroon added that there would be a political and diplomatic cost for major financial reliance on Saudi Arabia and China.
An official handout released by the PM’s Office after his speech read that the IMF managing director called premier Shehbaz on the phone.
“The prime minister thanked the managing director for her concern on the fallout of the floods and extended an invitation to [her] to participate in the Climate Resilient Pakistan Conference [in] Geneva,” it added.
However, the IMF MD did not accept the invitation to travel to Geneva.
“The managing director thanked the PM for the invitation but explained that as the IMF Board meetings had been prefixed for 9th and 10th of January, she will only be able to join the conference virtually,” according to the PM's Office.
While speaking at the inauguration of Hazara Electric Supply Company (HAZECO) in Islamabad, the premier also confirmed a story of The Express Tribune that he had a telephonic conversation with IMF Managing Director Kristalina Georgieva on Thursday.
“I asked her to send an IMF team for the completion of the pending 9th review of the programme so that the next loan tranche is released,” he told the gathering while referring to his telephonic conversation with Georgieva a day earlier. “She assured that the mission will visit [Pakistan] in the next two to three days.”
However, the finance ministry sources said no dates for the IMF review mission had been finalised yet.
Finance Minister Ishaq Dar would leave for Geneva along with PM Shehbaz and meet IMF officials on the sidelines of a conference there. The conference has now been lowered to a climate resilience event from a donors’ conference because of lack of interest by major players.
The premier’s direct intervention in the IMF programme talks suggests that the matters have slipped out of the hands of the finance ministry.
The 9th review talks have been pending since October last year, resulting in the withholding of a $1.1 billion loan tranche. Pakistan is keen to complete the 9th review so that the World Bank and Asian Infrastructure Investment Bank (AIIB) may also release their loans.
Dar held a virtual meeting with Jin Liqun, the president of the AIIB, requesting him to provide more loans.
PM Shehbaz disclosed his conversation with the IMF’s head the day Pakistan repaid two more foreign commercial loans totalling $1.02 billion.
Pakistan paid back $600 million to the Emirates NBD Bank and $420 million to the Dubai Islamic Bank on Friday, according to government officials.
After the fresh debt repayments, the official foreign exchange reserves have dropped to about $4.5 billion -- sufficient for only 25 days of import cover.
No major inflow has been reported in the first week of January. The central bank had reported on Thursday that as of December 30, 2022, the foreign exchange reserves stood at $5.6 billion, which have now been further depleted.
However, Pakistan is expecting a refinancing of $700 million by the Chinese Development Bank and $3 billion cash injection by Saudi Arabia -- what Dar said would arrive “in days”.
The prime minister also disclosed that Georgieva inquired whether or not China and Saudi Arabia were supporting Pakistan.
“Because of their huge financial exposures, I would be surprised if China and Saudi Arabia do not link their financial assistance with the IMF programme that oversees Pakistan,” said Haroon Sharif, a former chairman of the Board of Investment, while speaking during Express News’ show – ‘The Review’.
Haroon added that there would be a political and diplomatic cost for major financial reliance on Saudi Arabia and China.
An official handout released by the PM’s Office after his speech read that the IMF managing director called premier Shehbaz on the phone.
“The prime minister thanked the managing director for her concern on the fallout of the floods and extended an invitation to [her] to participate in the Climate Resilient Pakistan Conference [in] Geneva,” it added.
However, the IMF MD did not accept the invitation to travel to Geneva.
“The managing director thanked the PM for the invitation but explained that as the IMF Board meetings had been prefixed for 9th and 10th of January, she will only be able to join the conference virtually,” according to the PM's Office.
Dalit
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Looks like the reality is setting in...
El Sidd
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Says who? which law dictates such privileges?
