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Imported Prime Minister Shehbaz says, "IMF giving tough time to finance minister, team during talks"

Clutch

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IMF giving tough time to finance minister, team during talks: PM Shehbaz

Dawn.com Published February 3, 2023 Updated 27 minutes ago




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Prime Minister Shehbaz Sharif on Friday said that the International Monetary Fund (IMF) delegation, which is visiting the country for discussions on the ninth review of a $7 billion loan programme, was giving a “very tough time” to Finance Minister Ishaq Dar and his team.
“Our economic challenge at this moment is unimaginable. The conditions we have to fulfil [to complete the IMF review] are beyond imagination,” he said without elaborating.
However, the country had no choice but to implement the conditions, PM Shehbaz acknowledged. He made the comments while addressing an Apex Committee meeting in Peshawar.
The IMF delegation, headed by Nathan Porter, and the government began the make-or-break discussions on the completion of the ninth review on Tuesday. Pakistan needs to complete the review to stave off default.

The country’s reserves have depleted to a critically low level of $3.09 billion as of Jan 27, which can cover only 18 days of imports, according to Arif Habib Limited. Completing the IMF review would not only lead to a disbursement of $1.12bn but also unlock inflows from friendly countries and other multilateral lenders.
As meetings began, the IMF mission chief sounded adamant on upfront, calibrated and strong measures to bridge the daunting fiscal gap — between Rs2 trillion to Rs2.5tr.
“You don’t have any other option” was the critical message, as members of the mission engaged with the finance and power ministries led by Ishaq Dar and Khurram Dastgir Khan, respectively, sources close to the meetings told Dawn.
The government has taken a number of measures to complete the IMF review, including lifting an unofficial price cap on the exchange rate, hiking petroleum rates by up to 16 per cent and increasing the LPG price by 30pc.

The two sides would remain focused on technical-level deliberations in the first round, slated to run until Friday (today), then move on to the crucial policy-level negotiations over the next weekend until Feb 9.

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datafreak

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Gotta feel for the guy. Obviously this has been many years in the making and someone found a way to give him the stinking pile of p** before bailing out. He will get all the brickbats. And since even if he does some competent work high likelihoofd the crisis will take several years to stabilize, he will forever be called the @$$hole who sank the Pak economy.
 

El Sidd

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PM should file to make IMF agreement publicly debated in the parliament.

Democracy is the best tool to counter such blatant dictation of affairs through financial strangulation.

IMF and World Bank policies are encouraging right wing politics all over the developing world.
 

Clutch

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Gotta feel for the guy. Obviously this has been many years in the making and someone found a way to give him the stinking pile of p** before bailing out. He will get all the brickbats. And since even if he does some competent work high likelihoofd the crisis will take several years to stabilize, he will forever be called the @$$hole who sank the Pak economy.


Blame the corrupt Generals.... And their partners in crime the PDM. 18 days left.... I'm anxiously and excitedly waiting for the next 18 days ... It's going to be fantastic!!! Love it...

The poor aren't going to suffer... They have nothing to lose. Only the corrupt elite ms of Pakistan will suffer.... The middle class is the sacrifice we need to make.

Burn it all down!

PM should file to make IMF agreement publicly debated in the parliament.

Democracy is the best tool to counter such blatant dictation of affairs through financial strangulation.

IMF and World Bank policies are encouraging right wing politics all over the developing world.

Debate with who?.... They are all in the government.... You can't debate yourself?... Lol
 

El Sidd

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Debate with who?.... They are all in the government.... You can't debate yourself?... Lol

Debate with previous government their agreement which was unilaterally imposed after being termed as a national security issue.

IMF has imposed the condition of engaging the original beneficiaries of the prior agreement.

Government does not have the mandate to renege nor negotiate with the IMF lest financial emergency is declared in the country but that will shatter any hope of having a new government sworn in anytime soon.

There is absolutely zero chance of expecting accountability in white collar crimes of any government of the world.

Pakistani society is highly conservative when it comes to their financial affairs. It will never conform to credit culture of the new world.
 

Fasbre2

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If civil servants need to declare assets as a pre condition of IMF, army generals and high ranking officers should also declare assets. IMF would be stupid to skip over this as they are involved in more corruption than the civilians..
That is the only way to get transparency . But gernails won’t allow their corruption to be exposed.. their military inc. needs to be protected to facilitate their retirement to Belgium or Australia or Dubai…
 

truthseeker2010

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Debate with previous government their agreement which was unilaterally imposed after being termed as a national security issue.

IMF has imposed the condition of engaging the original beneficiaries of the prior agreement.

Government does not have the mandate to renege nor negotiate with the IMF lest financial emergency is declared in the country but that will shatter any hope of having a new government sworn in anytime soon.

There is absolutely zero chance of expecting accountability in white collar crimes of any government of the world.

Pakistani society is highly conservative when it comes to their financial affairs. It will never conform to credit culture of the new world.

Who were in the previous governments?
Who said I know how to deal with IMF?
Nobody said on gunpoint to go to IMF. IMF is not ordinary public who the generals and politicians can fool. All IMF wants is that whoever comes in power abides by what it promises. And the money the country is taking, it can viably payback.
Accountability is something **** elite does not know about.
 

El Sidd

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Who were in the previous governments?
Who said I know how to deal with IMF?
Nobody said on gunpoint to go to IMF. IMF is not ordinary public who the generals and politicians can fool. All IMF wants is that whoever comes in power abides by what it promises. And the money the country is taking, it can viably payback.
Accountability is something **** elite does not know about.

The finance ministry was going through a game of nepotism music chairs, NMC, during negotiations opened by previous government and the agreement was never made public.

IMF is not entertaining the current government based on her interim nature. If the opposition is happy delaying the bailout, the coalition government can either choose to play along or take unprecedented measures.

The devastated working class are the only victims who ironically are direct beneficiaries of a stable governance model and usually go out to vote.
 

truthseeker2010

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The finance ministry was going through a game of nepotism music chairs, NMC, during negotiations opened by previous government and the agreement was never made public.

IMF is not entertaining the current government based on her interim nature. If the opposition is happy delaying the bailout, the coalition government can either choose to play along or take unprecedented measures.

The devastated working class are the only victims who ironically are direct beneficiaries of a stable governance model and usually go out to vote.

The whole governance model of the country had been a game for elites. The result of which has always been a failure. Its just that now the other side be it IMF or other countries has decided to not play along.
 

Strigon

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Honestly if PTI were to come back to power and ask the people to help out…overseas and local combined will give more aid than IMF with no strings attached nor promise of payment back…only if Pakistan was this lucky..
 

SeaMermaid

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Mirzali Khan

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IMF giving tough time to finance minister, team during talks: PM Shehbaz

Dawn.com Published February 3, 2023 Updated 27 minutes ago




0
1x1.2x1.5x
Prime Minister Shehbaz Sharif on Friday said that the International Monetary Fund (IMF) delegation, which is visiting the country for discussions on the ninth review of a $7 billion loan programme, was giving a “very tough time” to Finance Minister Ishaq Dar and his team.
“Our economic challenge at this moment is unimaginable. The conditions we have to fulfil [to complete the IMF review] are beyond imagination,” he said without elaborating.
However, the country had no choice but to implement the conditions, PM Shehbaz acknowledged. He made the comments while addressing an Apex Committee meeting in Peshawar.
The IMF delegation, headed by Nathan Porter, and the government began the make-or-break discussions on the completion of the ninth review on Tuesday. Pakistan needs to complete the review to stave off default.

The country’s reserves have depleted to a critically low level of $3.09 billion as of Jan 27, which can cover only 18 days of imports, according to Arif Habib Limited. Completing the IMF review would not only lead to a disbursement of $1.12bn but also unlock inflows from friendly countries and other multilateral lenders.
As meetings began, the IMF mission chief sounded adamant on upfront, calibrated and strong measures to bridge the daunting fiscal gap — between Rs2 trillion to Rs2.5tr.
“You don’t have any other option” was the critical message, as members of the mission engaged with the finance and power ministries led by Ishaq Dar and Khurram Dastgir Khan, respectively, sources close to the meetings told Dawn.
The government has taken a number of measures to complete the IMF review, including lifting an unofficial price cap on the exchange rate, hiking petroleum rates by up to 16 per cent and increasing the LPG price by 30pc.

The two sides would remain focused on technical-level deliberations in the first round, slated to run until Friday (today), then move on to the crucial policy-level negotiations over the next weekend until Feb 9.

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LMFAOOOO
 

villageidiot

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Honestly if PTI were to come back to power and ask the people to help out…overseas and local combined will give more aid than IMF with no strings attached nor promise of payment back…only if Pakistan was this lucky..
Pakistan IS this lucky. It's very easy to do this. One step solution
1. Stop fukcing around and have free and fair elections and put a stop to the bullshit.

@muhammadhafeezmalik , If this is the case, why hasn't dar sb. given IMF a befitting response yet?
 

Strigon

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Pakistan IS this lucky. It's very easy to do this. One step solution
1. Stop fukcing around and have free and fair elections and put a stop to the bullshit.

@muhammadhafeezmalik , If this is the case, why hasn't dar sb. given IMF a befitting response yet?

What you say is an easy solution when you have a competent govt, unbiased ECP, Army that actually gives a sh!t about the country, Judges that actually follow the law, and Awam that isn't dead. Unfortunately ALL of these things are very much in backward gear in Pakistan.

This slow demise honestly isn't even possible unless every brach of our govt and society is hell bent on damaging the country, which is their clear motive.
 

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