Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar hascalled for greater policy support from the International Monetary Fund(IMF) and multilateral donors in the backdrop of the climate-inducedcatastrophe and losses suffered by the country.
The minister was addressing a meeting of MENAP (Middle East, North Africa,Afghanistan, and Pakistan) Ministers of Finance and Central Bank Governorswith the Managing Director IMF Kristalina Georgieva in Washington DC.
He urged IMF to tailor its response to the situation in Pakistan andsimilar countries by taking into consideration the serious economic, socialand political challenges that these countries face in the backdrop ofclimate induced calamities.
He highlighted the humanitarian catastrophe and losses suffered by thecountry. Given the scale of disaster, he pleaded more policy support forPakistan.
He welcomed new IMF instruments Resilience and Sustainability Trust (RST)and Food Shock Window under Rapid Financing Instrument (RFI) to supportcountries.
He also thanked MD IMF for her sentiments and committed to complete theFund program despite challenges, according to press statement received hereSunday.
On the occasion, Managing Director IMF highlighted challenges faced byregional economies including from climate change events citing Pakistan’sdamaging floods. She expressed her deep sympathies with Pakistan andassured Fund’s full support.
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Meanwhile, the minister and Governor State Bank of Pakistan, Jameel Ahmedmet Queen Maxima of Netherlands on the sidelines of annual meetings ofIMF-WB to discuss financial inclusion and banking on equality. The twosides reiterated commitment to work together to achieve fast progress inthe subjects discussed.
Dar also met Director General of Kuwait Fund, Marwan Abdullah YusufThunayan Al- Ghanem. The Minister appreciated the contribution of KuwaitFund to Pakistan’s economic development and discussed ongoing projects andpotential new areas of investments.
The minister held a meeting with President Asian Development Bank (ADB),Masatsugu Asakawa and thanked him for support provided over the years as amajor development partner of Pakistan and also for the recent post floodcommitments.
The ADB President assured the finance minister of approval of BRACE programamounting to US $1.5 billion and of continued support to Pakistan.
