Islamabad:
Cash-stricken Pakistan has urged the US to use diplomatic clout to convince the IMF to show an accommodative stance on Islamabad amid tough conditions imposed by the global lender to revive its fund program to breathe, according to a media report on Thursday.
The request was made by Treasury Secretary Ishaq Dar during his meeting on Wednesday with visiting US Treasury Department Deputy Assistant Secretary for Asia Robert Kaproth of the Finance Department, The News International reported.
Citing sources, the paper reported that Pakistan and the International Monetary Fund (IMF) continued to exchange data this week, but that the Washington-based global lender has so far failed to show a lenient stance or ease its difficult terms.
One of the points of contention is ongoing disagreements over how to handle the exchange rate, as the IMF considers it completely unacceptable to maintain an artificially stable exchange rate.
Although Prime Minister Shehbaz Sharif had publicly announced that the government was ready to implement all IMF conditions for the revival of the IMF program, the government now found it politically difficult to implement the hard conditions, the report said.
When contacted, a senior finance department official said talks were continuing in a positive manner, the paper reported.
The IMF has refused to send its team for the ninth revision of its $6 billion bailout package, which would help Pakistan get more money under the package.
Separately, an official announcement said that welcomed Dar Kaproth, briefed him on the country’s economic prospects and informed him that the government inherited a weak economic legacy and is focusing on resolving cases by implementing reforms across all sectors.
He said that thanks to the government’s pragmatic measures, the country is destined for progress and development.
The Finance Minister also briefed him on the government’s economic priorities, including putting the economy on the right track and fulfilling its international obligations.
Dar also shared with Kaproth the damage caused by the floods in Pakistan and its impact on the country’s economy.
He stressed that the government is tackling all challenges with full commitment.
Kaproth underlined the good relations between Pakistan and the US and expressed confidence in the government’s policies and programs for economic and financial stability.
He also extended support and cooperation on economic and financial issues.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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