Pakistan’s foreign exchange reserves have remained less than three billion dollars. He is in great need of financial help and a relief package from the IMF at this time to avoid financial collapse.
Islamabad: Pakistan’s Finance Minister Ishaq Dar said on Friday that the Pakistan government has received a memorandum on terms and conditions from the IMF to complete the $7 billion loan programme. Dar’s statement came after the departure of the IMF delegation from Pakistan on Thursday night after 10 days of talks. He said that the virtual discussion will continue on the ninth review of the programme.
Memorandum of Economic and Financial Policies (MEFP) is an important document which describes all those conditions, steps and policy measures. On the basis of which both the parties announce the employee level agreement.
After the draft MEFP is shared, the two sides will discuss the policy measures outlined in the document. After these are finalised, the staff-level agreement will be signed. It will then be sent to the Executive Board of the International Monetary Fund (IMF) for approval.
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Let us tell you that Pakistan’s foreign exchange reserves have remained less than three billion dollars. He is in great need of financial help and a relief package from the IMF at this time to avoid financial collapse.
There was also news of no agreement at the staff level for the relief package between Pakistan and the International Monetary Fund (IMF). But Dar told the press conference on Friday that we insisted that the Fund delegation give us the MEFP before leaving so that we can see it over the weekend.” He said that the government and IMF officials will hold a virtual meeting in this regard on Monday. He said , “I can confirm that today (Friday) at 9 am we have received the draft MEFP.”
The Finance Minister shared that after the completion of the review, the country will receive a disbursement of USD 1.2 billion in the form of Special Drawing Rights . SDRs are international reserve assets created by the IMF in 1969 and allocated to member states to supplement existing official reserves.
