Pakistan Rejects Reports About Failure Of Negotiations With IMF

Pakistan has strongly rejected the reports about the failure of negotiations with the International Monetary Funds (IMF).

According to the details, the Ministry of Finance in a message on the social networking site has rejected the news of the failure of negotiations for the next instalment of the packaged loan from the IMF.

The Ministry wrote, “We would like to dispel the erroneous impression conveyed by an article in Financial Times regarding Pakistan’s IMF Program. The contention in the article appears to derive from the personal views of some individuals, while the actual position was never solicited from the Govt.”

“In this context, it is clarified that Pakistan is closely engaged with the Fund to bring the review work to completion without delay. Pakistan remains firmly committed to its agenda of fiscal stabilisation and economic reforms,” the statement added.

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Earlier in October, the IMF has slashed Pakistan’s growth rate by one per cent, while the government has projected a GDP growth rate of 2.1 per cent for the current financial year.

IMF forecasted the average inflation rate at 8.8 per cent and the current account deficit at 2.5 of GDP. It had an estimated current account deficit at 1.1 per cent last year. In 2020, the economic growth rate will be minus 0.4 per cent.

The International Monetary Fund (IMF) has warned in its Economic Outlook report that the world economies will bear the loss of $28,000 billion due to the pandemic.

The global economy will fall by 4.4 per cent, while India, Italy, and Spain will be the hardest-hit countries. According to the IMF, other global economies, including the United Kingdom, will continue to decline with no signs of improvement. The International Monetary Fund says economies will take a long time to recover and the situation will remain uncertain.