The Finance Minister of Pakistan, Ishaq Dar, has denied rumours that officials from the International Monetary Fund (IMF) refused to meet him at the Bretton Woods institutions’ spring meetings. Dar clarified that he postponed his visit to the US on Prime Minister Shehbaz Sharif’s request, in view of the current political situation. In a fiery speech, Dar asserted that Pakistan is a member of the IMF and not a beggar, and that the IMF cannot stop him from attending the spring meetings.
Dar was expected to attend the spring meetings of the World Bank-IMF that were taking place from April 10 to 16 in Washington. His meeting with the IMF management was scheduled to discuss the removal of bottlenecks for the revival of the derailed $6.5 billion programme. Pakistan has been negotiating with the IMF since the end of January for the release of $1.1 billion from a $6.5 billion bailout package agreed upon in 2019. The government has implemented several measures, including cutting back on subsidies, removing an artificial cap on the exchange rate, adding taxes, and raising fuel prices, to unlock the funding. However, assurances from friendly nations for additional funds have delayed the agreement.
The finance minister emphasized that these are routine rituals and a constitutional crisis has been created in Pakistan. He further explained that the Ministry of Finance has a huge responsibility regarding the disbursement of funds to the Election Commission of Pakistan (ECP) in light of the Supreme Court’s April 4 ruling. The apex court declared the ECP’s decision on the Punjab and Khyber Pakhtunkhwa (KP) election null and void, ordering to hold snap polls in Punjab on May 14 – a persistent demand forced by Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan after he dissolved the assemblies in both the provinces.
Dar revealed that the Supreme Court has ordered the federal government to give $21 billion for elections in Punjab by April 10. Of course, the finance ministry and the cabinet have an important responsibility in this regard, and I’m a part of it, he said.
