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The International Monetary Fund (IMF) has said it is looking forward to obtaining the necessary financing assurances as soon as possible to pave the way for successful completion of ninth review of a $7 billion loan program, while welcoming Pakistan’s confirmation of having secured crucial bilateral support from key partners.
The IMF’s announcement came a day after Finance Minister Ishaq Dar announced that the UAE has reiterated its commitment to the institution for its bilateral financial support of $1 billion to Pakistan, moving the nation one step closer to obtaining the deal that is essential for preventing default.
Even with the smaller current account deficit, reports prior to the additional bilateral help stated that at least $5 billion in inflows were still needed to be negotiated.
It is not considered a new inflow when China rolls over $2 billion and refinances another $2 billion, including $1.3 billion from the Industrial and Commercial Bank of China (ICBC) and $700 million from the China Development Bank.
“We welcome the recent announcement of important financial support to Pakistan from key bilateral partners,” IMF Mission Chief to Pakistan Nathan Porter said in a statement.
“During the meetings between the Pakistani delegation and IMF staff and management, there was agreement on the need to maintain strong policies and secure sufficient financing to support the authorities’ implementation efforts.
“The IMF is supporting these efforts and looks forward to obtaining the necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th EFF review.”
