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Addressing a gathering in the capital Islamabad, Dar lauded the “efforts and hard work” of his economic team. On the ongoing talks with the IMF to release the long-pending bailout tranche, Dar said his team has completed all the technical work required to complete the ninth review. He stressed that he and his team made “serious efforts” to complete the IMF programme.
Only $4.3 billion left in reserves
Dar described the delay in the IMF program as “unfortunate” and said the review should have been completed earlier. Pakistan’s Finance Minister claimed that the country has repaid $5.5 billion of its commercial loans. The News reported that Islamabad is still considering ways to meet the deadline for other debt payments as the country has to repay $3.7 billion in foreign debt in foreign currency between this month and June, while its current foreign Currency reserves are just $4.3 billion.
Pakistan relying on China’s help
According to the Financial Times report, Beijing had promised to help Pakistan by providing fresh funds immediately after Pakistan repaid two crucial $2.3 billion loans in June. Earlier this year, China had already given some loan to Pakistan. Chinese Foreign Minister Qin Gang also reiterated financial support to Pakistan during his visit earlier this month.
(with agency inputs)
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