Multilateral donors assure Pakistan of support

In meetings on sidelines of IMF-WB annual meetings, Dar calls for greater policy support

ISLAMABAD:

International financial institutions have assured Pakistan of their full support in the wake of the devastating floods in the country, as Finance Minister Ishaq Dar calls for greater policy support from the multilateral donors.

Dar, who is in Washington in connection with the annual meeting of the International Monetary Fund (IMF)-World Bank (WB), held several separate meetings with the heads of donor agencies, including the heads of the IMF, the Asian Development Bank, International Finance Corporation (IFC) and others.

Finance Minister Senator Muhammad Ishaq Dar met Mr. Makhtar Diop, Managing Director International Finance Corporation (IFC) He appreciated the role of IFC in promoting private sector development in Pakistan.(1/2) pic.twitter.com/myzjXDVw23

— Ministry of Finance (@FinMinistryPak) October 16, 2022

During the meetings, the finance minister thanked the international donor agencies for their support to Pakistan over the years, particularly during the ongoing climate-induced floods, as major development partners of the country.

In one of the meetings on the sidelines of the IMF-WB conference, ADB President Masatsugu Asakawa assured the finance minister of approval of BRACE programme, amounting to $1.5 billion and of continued support to Pakistan.

Dar also spoke at a meeting of the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) Ministers of Finance and Central Bank Governors with the IMF Managing Director Kristalina Georgieva in Washington.

In the meeting, according to a press statement received here on Sunday, Dar called for greater policy support from the IMF and multilateral donors against the backdrop of the climate-induced catastrophe and losses suffered by the country.

He urged the IMF to tailor its response to the situation in Pakistan and in other countries by taking into consideration the serious economic, social and political challenges that these countries faced against the backdrop of climate-induced calamities, the statement said.

Read Dar rules out default on debt

It added that the minister welcomed the new IMF instruments, including ‘Resilience and Sustainability Trust (RST) and ‘Food Shock Window’ under its Rapid Financing Instrument (RFI) to support the affected and vulnerable countries.

He also thanked the IMF managing director for her sentiments. He assured the IMF of Pakistan’s commitment to complete the Fund programme despite challenges, according to press statement received here Sunday.

On the occasion, the IMF managing director, while citing Pakistan’s damaging floods, highlighted the challenges facing the regional economies, including from climate change events. She expressed her deep sympathies with Pakistan and assured Fund’s full support.

In his meeting with IFC Managing Director Makhtar Diop, the minister appreciated the role of the corporation in promoting private sector development in Pakistan. He also discussed potential means of enhancing IFC engagement in Pakistan, particularly for trade finance.

On the occasion, Diop assured the finance minister of IFC’s continued support to Pakistan. Dar assured all the facilitation required by IFC in this regard. Furthermore, Dar met his Libyan counterpart, Khaled Al-Mabrouk, and the two discussed issues of mutual interest.

Meanwhile, Finance Minister Dar and State Bank of Pakistan (SBP) Governor Jameel Ahmed met Queen Maxima of The Netherlands on the sidelines of annual meetings of IMF-WB to discuss financial inclusion and banking on equality. The two sides reiterated commitment to work together to.

Dar also met Kuwait Fund Director General Marwan Abdullah Yusuf Thunayan Al-Ghanem. The minister appreciated the contribution of the Kuwait Fund to Pakistan’s economic development and discussed ongoing projects and potential new areas of investments.

Finance Minister Senator Muhammad Ishaq Dar met Marwan Abdullah Yusuf Thunayan Al- Ghanem,DG of Kuwait Fund.Minister appreciated the contribution of Kuwait Fund to Pakistan’s economic development and discussed ongoing projects and potential new areas of investments. pic.twitter.com/pqOjCunEH0

— Ministry of Finance (@FinMinistryPak) October 16, 2022

(WITH INPUT FROM APP)