Floods: Finally, IMF MD feels some empathy

WASHINGTON DC: Finance Minister Ishaq Dar participated in IMF Managing Director’s high level meeting with MENAP Finance Ministers & Governors in Washington.

According to a press release issued by Finance Division on Sunday, Managing Director (MD) IMF highlighted challenges facing regional economies including from Climate Change events citing Pakistan’s damaging floods. She expressed her deep sympathies with Pakistan and assured Fund’s full support. Finance Minister thanked MD IMF for her sentiments and committed to completing the Fund program despite challenges.

Finance Minister highlighted the humanitarian catastrophe and losses suffered by the country. Given the scale of disaster, he pleaded more policy support for Pakistan. He welcomed new IMF instruments (Resilience and Sustainability Trust (RST) and Food Shock Window under Rapid Financing Instrument (RFI) to support countries.

Finance Minister called for greater policy support from IMF & multilateral donors.

Addressing a meeting of MENAP (Middle East, North Africa, Afghanistan, and Pakistan) Ministers of Finance and Central Bank Governors with the Managing Director IMF Kristalina Georgieva he urged IMF to tailor its response to the situation in Pakistan and similar countries, by taking into consideration the serious economic, social and political challenges that these countries face in the backdrop climate induced calamities.

Dar meets key officials: floods devastation, relief efforts remain top agenda

Ishaq Dar & Governor State Bank of Pakistan met Her Majesty Queen Maxima of Netherlands on the sidelines of Annual meetings of IMF-WB to discuss financial inclusion and banking on equality. The two sides reiterated commitment to work together to achieve fast progress in the subjects discussed. Finance Minister met Marwan Abdullah Yusuf Thunayan Al- Ghanem, Director General of Kuwait Fund. The Minister appreciated the contribution of Kuwait Fund to Pakistan’s economic development and discussed ongoing projects and potential new areas of investments.

Ishaq Dar held a meeting with Masatsugu Asakawa, President Asian Development Bank. He thanked the President ADB for support provided over the years as a major development partner of Pakistan and also for the recent post flood commitments. ADB President assured the Finance Minister of approval of BRACE program amounting to US $1.5 billion and of continued support to Pakistan.

Ishaq Dar also met his Libyan counterpart Khaled Al-Mabrouk. They discussed issues of mutual interest.

Finance Minister Ishaq Dar met with Makhtar Diop, Managing Director International Finance Corporation (IFC). He appreciated the role of IFC in promoting private sector development in Pakistan.

Finance Minister also, discussed potential means of enhancing IFC engagement in Pakistan, particularly for trade finance. He assured all the facilitation required by IFC in this regard. Makhtar Diop assured the Finance Minister of IFC’s continued support to Pakistan.

The Finance Minister is leading Pakistan’s delegation in the IMF/ World Bank’s 2022 Annual meetings being held in Washington DC. Other delegates include Sardar Ayaz Sadiq, Federal Minister for Economic Affairs, Dr. Aisha Ghaus Pasha, Minister of State for Finance & Revenue, Jameel Ahmed, Governor State Bank of Pakistan, Hamed Yaqoob Sheikh, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division and Ali Tahir, Additional Secretary, Finance Division.

Copyright Business Recorder, 2022