‘Won’t take IMF’s dictation’: Dar

KARACHI: Finance Minister Ishaq Dar on Friday said he was not concerned whether the International Monetary Fund’s (IMF) team arrived or not for the ninth review of Pakistan’s $7bn Extended Fund Facility (EFF), saying that he had to look at the country’s interest first.

Appearing on a private TV channel, the finance minister was questioned about the delayed arrival of the IMF team to which he said: “I don’t care if they come. I don’t have to plead before them. I have to look at Pakistan’s matters.”

He added that the IMF team was “most welcome” to come and the government was dealing with it on a weekly basis.

“Our ninth review is totally in order. Everything is in order and under normal circumstances … I have reassured them that our ninth review is in order and you should come and give Pakistan the $500 million funds,” Dar said.

He said the IMF could “not dictate” the government. “If they don’t come then we will manage — no problem,” Dar added.

As IMF funding delayed, Pakistan expects $3bn from friendly country

Pushed back on the implications of his approach, the finance minister acknowledged that he agreed with the potential fallout of a breakdown in IMF talks and said that was why he was talking to the body for the country’s sake.

“I know how to complete the [IMF] programme,” the finance minister maintained, stressing that the government would complete the current programme as well.

Dar said that in his talks with the IMF, he told the Fund that it should strike deals keeping in mind that the government could not further burden the people. Dar said he had told the IMF that it was “behaving abnormally” in regard to dealing with Pakistan.

“I have never taken dictation and never will from these institutions, I have to look after Pakistan’s interests,” the finance minister reiterated.

Regarding the general level of Pakistan’s foreign reserves and the risk of default, Dar said the government had made arrangements for all its liabilities for the fiscal year and would make all payments.

He also said that the government was currently in talks with an allied country for a deposit of $3bn, adding that there was a “positive understanding” present and Pakistan would definitely receive the funds.

“This is a matter of two weeks [for the amount to arrive],” he added.

Dar also rebuked former finance minister Miftah Ismail for his recent comments about the country’s risk of default and said he should be questioned about his six-month performance and where he left the level of foreign reserves.

“He is a nonentity for me on this subject,” Dar said.

Govt struggles for $1.18bn tranche.

Copyright Business Recorder, 2022