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- March 8, 2024
- Kainat Shakeel
- 0
Asserting that all electoral disputes should be settled fairly, the International Monetary Fund (IMF) stated on Friday that it will assist Pakistan in developing a new economic plan should the nation’s new administration request one. However, the fund clarified that it did not offer commentary on events in internal politics. In a letter addressed to the IMF, PTI founder Imran Khan urged the international lender to thoroughly review the poll results before issuing Islamabad with any more loans.
Concerning that such a loan could worsen poverty, he said, “If the country gets a loan in such a situation, then who will return it?” The previous prime minister emphasized the necessity for political stability by warning that the country’s debt load would increase in the absence of significant investment. It is the goal of the fund, according to monetary authority spokesperson Esther Perez, “to support the implementation of strong policies to deepen financial stability, address the long-standing economic and underlying balance of payments challenges, and restore sustained and inclusive growth for the benefit of all Pakistani citizens.” Perez went on to say that if the new administration in Pakistan wants to create a new economic plan, the IMF will help.
To finish the second review under the current stand-by arrangement and, should the government request it, to assist in the creation of a new medium-term economic program, said the fund’s spokesperson. The IMF’s communications official Julie Kozack told a briefing that the organization is prepared to deploy a mission for the second review of the stand-by arrangement after a new cabinet is established. She added that the organization’s primary goal is to finish the current program, which expires in April.
Mohammed Sohail, CEO of Karachi-based Topline Securities, stated, “I think the probability for Pakistan to get a 3 to 4-year program is high with good compliance of IMF stand-by arrangement.” The value of Pakistan’s sovereign dollar bonds increased by much to 4 cents on Friday, reaching a level not seen since early 2022. The 2036 maturity saw the biggest gain, rising 4.13 cents to trade at 77.68 cents by 1057 GMT, according to Tradeweb data. It was on pace for a weekly increase of about 6 cents, marking its third consecutive week of advances.
For Pakistan to attain economic stability, the US has urged it to “continue working with the International Monetary Fund (IMF) and other global financial institutions.” The State Department’s Matthew Miller stated last week in a daily news briefing that “the United States supports Pakistan’s efforts to break free from the vicious cycle of debt and financing.” The spokesman was answering a query concerning a letter that former PTI chairman Imran Khan had written to the IMF, asking that the next loan facility be contingent upon an audit of the general elections scheduled for February 8.
In a previous letter, US Congressman Greg Casar and thirty other lawmakers voiced their concerns about “pre- and post-poll rigging” in the general elections scheduled for February 8. In the letter, Biden is urged to get “anyone who has been detained for engaging in political speech or activity released by Pakistani authorities.” Additionally, it said that Pakistani authorities should be made aware that US law holds people accountable for violating human rights. “In an X post, Casar stated that the election results in Pakistan ought to reflect the will of the people.”