By Staff Reporter
ISLAMABAD: Finance Minister Ishaq Dar on Sunday has called for greater policy support from the International Monetary Fund (IMF) and multilateral donors in the backdrop of the climate-induced catastrophe and losses suffered by the country.
Dar urged the IMF to tailor its response to the situation in Pakistan and similar countries by taking into consideration the serious economic, social and political challenges that they face amid climate-induced calamities, a statement said.
Dar was addressing a meeting of MENAP (Middle East, North Africa, Afghanistan, and Pakistan) Ministers of Finance and Central Bank Governors with the Managing Director IMF Kristalina Georgieva in Washington DC.
The minister thanked the IMF official for her support and assured Pakistan’s commitment to completing the ongoing programme. “The finance minister highlighted the humanitarian catastrophe and losses suffered by the country. Given the scale of disaster, he pleaded for more policy support for Pakistan.”
He also welcomed new IMF instruments Resilience and Sustainability Trust (RST) and Food Shock Window under Rapid Financing Instrument (RFI) to support countries.
On the occasion, Managing Director IMF highlighted challenges faced by regional economies including from climate change events citing Pakistan’s damaging floods.
She expressed her deep sympathies with Pakistan and assured the Fund’s full support.
Dar is leading Pakistan’s delegation in the IMF/World Bank’s 2022 Annual meetings being held in Washington DC.
Meanwhile, the minister and governor State Bank of Pakistan, Jameel Ahmed met Queen Maxima of Netherlands on the sidelines of annual meetings of IMF-WB to discuss financial inclusion and banking on equality. The two sides reiterated commitment to work together to achieve fast progress in the subjects discussed.
Dar also met the director general of Kuwait Fund, Marwan Abdullah Yusuf Thunayan Al- Ghanem. The minister appreciated the contribution of Kuwait Fund to Pakistan’s economic development and discussed ongoing projects and potential new areas of investments.
The minister also held a meeting with president Asian Development Bank (ADB), Masatsugu Asakawa and thanked him for support provided over the years as a major development partner of Pakistan and also for the recent post flood commitments.
The ADB President assured the finance minister of approval of the BRACE program amounting to US $1.5 billion and of continued support to Pakistan.
The minister also met his Libyan counterpart, Khaled Al-Mabrouk and both the dignitaries discussed issues of mutual interest.
In his meeting with Managing Director International Finance Corporation (IFC), Makhtar Diop, the minister appreciated the role of the corporation in promoting private sector development in Pakistan.
He also discussed potential means of enhancing IFC engagement in Pakistan, particularly for trade finance. He assured all the facilitation required by IFC in this regard. On the occasion, Makhtar Diop assured the Finance Minister of IFC’s continued support to Pakistan.
Copyright © 2021 Independent Pakistan | All rights reserved
