After the International Monetary Fund (IMF) confirmed its mission will arrive in Pakistan at the end of January, Prime Minister Shehbaz Sharif expressed hope that the vital program would commence on Friday.
Speaking at the launch of the Green Line Express Train service in Islamabad, the PM expressed his confidence that a deal will be reached with the IMF this month.
“Multilateral and bilateral institutions would support Pakistan after the accord, too.
Although the coalition administration is working hard, he continued, “These are challenging times, but I am hopeful that the rough times would pass.”
He made this declaration as the IMF announced that its mission would visit Pakistan from January 31 to February 9 in order to continue talks for the Extended Fund Facility’s ninth review.
The mission, according to her, will concentrate on measures to restore domestic and external sustainability, including strengthening the fiscal position with long-lasting, high-quality measures while providing aid to the weak and flood victims; restoring the viability of the power sector and reversing the ongoing accumulation of circular debt; and restoring the proper operation of the forex market so that the exchange rate can resolve the FX shortage.
According to information revealed on Thursday, Pakistan is desperately trying to persuade the lender to continue its bailout after the State Bank of Pakistan’s (SBP) foreign exchange holdings saw a dramatic $923 million decline to only $3.7 billion. Since February 2014, SBP-held reserves have never been this low.
In the meantime, PM Shehbaz stated on Friday that Pakistan is at a crossroads and that we must conserve every dollar. He continued, “We have established a priority list for imports while bearing in mind foreign exchange reserves.”
