Dar discusses IMF and economy with UK envoy

Finance Minister Ishaq Dar discussed Pakistan’s economic situation and progress made on the International Monetary Fund (IMF) programme with Andrew Dagleish, Acting British High Commissioner, who called on Dar at the Finance Division on Wednesday.

As per a statement released by the Ministry of Finance, Dar briefed the envoy on the “pragmatic policies and programmes” the government is implementing to generate revenue and bring about economic stability and growth.

The two sides discussed the current macroeconomic situation of the world as well as Pakistan. Dar “also briefed the envoy on the progress in talks with the IMF”.

The High Commissioner said the British government will help Pakistan in mitigating the socio-economic crisis, read the statement.

SAPM on Finance Tariq Bajwa, Special Secretary Finance and other senior officers from Finance Division participated in the meeting.

The development comes as Islamabad remains in talks with the IMF to resume the Extended Fund Facility (EFF), which remains stalled till date.

The resumption of the programmed is crucial for the South Asian economy, which has been faced with a barrage of woes with a perceived default risk and a downgrade by international rating agencies reflecting the state of the economy that has also had to bear major political turmoil and frequent change in key leadership.

The IMF funding is also critical for Pakistan to unlock other external financing avenues, and the two have been negotiating since early February to resume $1.1 billion in funding held since November, part of the bailout agreed upon in 2019.