ISLAMABAD: The International Monetary Fund (IMF) representative Esther Perez Ruiz said that the Fund is in the process of meeting representatives from the country’s all political parties to secure backing for a new stand-by arrangement.
In a latest PTI and PPP as political parties assured the IMF of their support for the standby agreement leading to Staff Level Level Agreement for loan revival programme.
In her statement, the representative said the IMF staff are in the process of meeting with representatives of the major political parties in Pakistan, including PML-N, PPP, and PTI.
Discussions are aimed at seeking assurances of their support for the key objectives and policies under a new IMF-supported program ahead of the approaching national elections, added Esther Perez.
PTI leader Hammad Azhar said that the IMF team called upon Chairman Imran Khan at his residence.
The meeting was attended by IMF country chief Nathan Porter who joined virtually from Washington and Resident Representative Esther Perez who was physically present.
PTI’s team included Chairman Imran Khan, Shah Mehmood Qureshi, Hammad Azhar, Shaukat Tarin, Omer Ayub Khan, Dr Sania Nishtar, Shibli Faraz, Taimur Jhagra & Muzammil Aslam. The meeting lasted for more than an hour.
Discussions took place around the Staff Level Agreement that IMF has reached with the Government of Pakistan for a 9-month US$3 billion Stand-By Arrangement and in this context we support the overall objectives and key policies.
“We welcome the SBA 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,” he said
Hammad Azhar said PTI wish to stress the importance of programs to protect the lower-income segments of the population from high inflation.
PTI considered political stability and 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.
Esther Pérez Ruiz, IMF’s Resident Representative in Pakistan, met the PPP delegation consisting of Federal Minister Naveed Qamar and Senator Salim Mandviwala.
The Pakistan People’s Party assured support for the new loan program in the wider national interest and also agreed to implement the standby arrangement.
It should be noted that the Executive Board of the IMF will consider the new standby arrangement agreement in the coming days.
It is pertinent to mention that the national elections in Pakistan are set to take place before early November. On July 12, the lender’s board will review and consider the new bailout program, which is a nine-month stand-by arrangement.
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