Dar asks for ‘urgent short-term assistance’

Says support will create fiscal space and external debt sustainability for the country

GENEVA:

Federal Minister for Finance and Revenue Senator Ishaq Dar on Monday sought budgetary support to create fiscal space for the government to continue substantive relief for over 33 million flood-affected people.

Co-chairing the First Plenary Session: ‘Pakistan’s Resilient Recovery Strategy’, during the International Conference on ‘Climate Resilient Pakistan’ he said, “Pakistan’s urgent expectation from this conference is not merely a commitment of resources for reconstruction and rehabilitation in short-to-medium term, but also for budget inflows and assistance during the remainder of the current fiscal year,” adding that this would make it possible for the government to continue providing the much-needed relief to the flood-hit people.

“Let me say a few words that if considered appropriate by friendly countries, debt swaps and other use of financial instruments tied to the relocation of equivalent domestic budgetary resources will also free up these resources to be spent for this noble purpose.”

The support from friendly countries and multilateral donors will not only help with flood relief and rehabilitation but will also create fiscal space and external debt sustainability for the country, said Dar.

He pointed out that Pakistan is committed to its international obligations and is carrying out the fiscal reforms necessary for long-term recovery and sustainability, however, it urgently needed short-term assistance to navigate through a number of challenges.