ISLAMABAD: Finance Minister Ishaq Dar on Wednesday met Ambassador of the United States (US) to Pakistan Donald Blome and discussed bilateral economic, investment and trade relations between the two countries.
According to details, the finance minister and US Ambassador also discussed opportunities to further strengthen economic relations.
During the meeting, Ishaq Dar apprised Donald Blome of Pakistan’s national and international financial responsibilities and also informed about the government’s policies in the difficult economic situation.
H.E. Mr. Donald Blome, Ambassador of the United States of America to Pakistan called on Finance Minister Senator Mohammad Ishaq Dar and exchanged views on further promoting bilateral economic, investment and trade relations between the two countries. 🇺🇸🇵🇰 pic.twitter.com/0RjYxu7Xo8
— Ministry of Finance (@FinMinistryPak) February 22, 2023
Speaking on the occasion, US Ambassador expressed his satisfaction over the government’s policies for economic stability and economic development and said that there are strong relations between Pakistan and the United States.
Earlier in the day, Finance Minister Ishaq Dar announced that the Board of the China Development Bank (CDB) has approved a loan facility of $700 million for Pakistan.
“This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves” tweeted Finance Minister Ishaq Dar.
Pakistan has been eyeing to reach an agreement with the International Monetary Fund (IMF) that would not only lead to a disbursement of $1.2 billion but also unlock inflows from friendly countries.
It is pertinent to mention here that the National Assembly on Monday passed the Finance (Supplementary) Bill, 2023 aimed at amending certain laws relating to taxes and duties. The bill proposed to impose new taxes of Rs 170 billion to minimize fiscal deficit.
On the other hand, the International Monetary Fund (IMF) and Pakistan moved closer to the revival of $7 billion Extended Fund Facility (EFF) as the lender responded to the Memorandum of Economic and Financial Policies (MEFP) draft.
The sources informed that IMF and finance ministry held virtual talks today, adding that the ninth review to the revival of $7 billion Extended Fund Facility (EFF) will be completed soon.
Meanwhile, Federal Minister for Commerce, Syed Naveed Qamar on Wednesday claimed International Monetary Fund (IMF) was likely to announce staff level agreement on Extended Fund Facility (EFF) with Pakistan by this week.
Talking to an international news outlet, the federal minister said that Pakistan has taken all the measures needed to unfreeze a $6.5 billion credit line and expects to clinch the deal ‘any day now’.
After formal announcement by the fund, Pakistan would get a $1.2 billion tranche under the Extended Fund Facility (EFF).
Naveed Qamar said that the IMF agreement would give investors and creditors confidence that “Pakistan’s economy was now stabilizing and has taken all the right steps, so in that sense their money would remain protected.
“The IMF program is the beginning, not the culmination, of all other monies flowing in” he said, adding that a pickup in imports once the nation boosts its reserves will also benefit exports.
