PTI leader Hammad Azhar on Friday that an International Monetary Fund (IMF) team visited his party’s chief, Imran Khan, at his Lahore residence where the two sides discussed a recent staff-level pact agreed between Pakistan and the global lender for the disbursement of $3 billion under a standby arrangement.
The staff-level pact for the standby arrangement was reached on June 29, just a day before an earlier programme was about to expire. The standby arrangement, subject to the IMF board approval, offers much-needed relief to the country which is still grappling with a severe balance of payments crisis and declining foreign exchange reserves. The former federal minister said IMF resident representative for Pakistan Esther Perez Ruiz visited Zaman Park for the meeting while IMF mission chief for Pakistan Nathan Porter joined virtually from Washington. Meanwhile, Azhar added that the PTI team included him, Imran, Shah Mahmood Qureshi, Shaukat Tarin, Omar Ayub Khan, Sania Nishtar, Shibli Faraz, Taimur Jhagra and Muzammil Aslam.
The meeting lasted for more than an hour, during which “discussions took place around the staff-level agreement that IMF has reached with the Government of Pakistan for a nine-month $3bn standby arrangement and in this context, we support the overall objectives and key policies”, the PTI leader said.
“We welcome the SBA (standby arrangement) to preserve macroeconomic stability by anchoring external financing and sound policies ahead of the national elections due in the fall of this year and until a new government is formed. “We wish to stress the importance of programmes to protect the lower-income segments of the population from high inflation,” he added. Azhar further stated that the PTI considered political stability and the rule of law as integral to the economic stability of Pakistan. “Following free, fair, and timely elections as per the Constitution, a new government mandated by the people will initiate reforms and engage on a longer-term basis with multilateral institutions to further economic transformation, higher and more inclusive growth,” he said. Later, Imran delivered an address via a video link, where he also said the PTI had agreed to “endorse the standby arrangement” with the IMF until elections were held and a new government was formed. “Obviously, when a new government comes, they will hold talks with the IMF according to their own programme,” he added. The PTI chief also said that the decision to support the standby arrangement until the elections was taken in view of the risk of default and hyperinflation that the country was facing.Separately, Federal Minister for Commerce Syed Naveed Qamar on Friday held crucial meeting with Ester Perez Luis, the country representative of International Monetary Fund (IMF).
In a significant development for Pakistan’s economic landscape, Ester Perez Luis, the International Monetary Fund’s resident representative, met with the finance team of the Pakistan People’s Party (PPP), including Syed Naveed Qamar, Federal Minister for Commerce, and Saleem Mandviwala. The meeting, held at minister’s enclave, was aimed at discussing the possibility of a standby agreement with Pakistan, which would have a profound impact on the nation’s financial stability, said a press release issued by Ministry of Commerce.
The PPP team expressed its willingness to support the IMF programme, citing larger national interests as the driving force behind their decision. Syed Naveed Qamar, representing the PPP finance team, acknowledged the significance of the standby agreement in addressing Pakistan’s economic concerns. He reiterated the PPP’s commitment to working in harmony with the IMF to ensure the successful implementation of the programme.
