Prime Minister Shehbaz Sharif said on Tuesday that Chief of Army Staff (COAS) Asim Munir, among others, had made “tremendous efforts” for securing financial pledges from friendly countries to meet the “last” of International Monetary Funds’ (IMF) conditions for the revival of a $7 billion bailout program.
The premier’s statement came during a meeting of allies part of the PML-N-led ruling coalition at the Center, as he announced that negotiations with the IMF were in the final stages.
Pakistan has been negotiating with the IMF since early February for the resumption of the loan program agreed in 2019 and the completion of its ninth review to secure the last tranche of $1.1bn under this facility.
With central bank reserves falling to critical levels, hovering around $4bn and barely able to cover a month of imports, the IMF tranche is critical for the country to avert a default on its obligations.
Last month, PM Shehbaz said the Fund wanted external financing commitments fulfilled by friendly countries before it released bailout funds and since then, several countries such as Saudi Arabia, China and the United Arab Emirates, have made commitments to help Pakistan fund its balance of payments.
During today’s meeting, PM Shehbaz particularly lauded Finance Minister Ishaq Dar and Foreign Minister Bilawal Bhutto-Zardari for their tireless efforts to meet the IMF’s conditions and secure financial assurances from friendly nations.
He then went on to appreciate COAS Munir, saying, “At this moment I will also say — even at the cost of reputation — that our army chief has also made tremendous efforts in this regard.”
The premier said he could not share further details regarding the army chief’s contributions and efforts, “but this is also a fact”.
