Soon agreement to be reached with IMF: Ishaq Dar

• Ishaq Dar said negotiations with the IMF were underway
• SAPM Tariq Bajwa was also present on the occasion.
• “We are holding meetings with IMF. Soon good results will come out.”

ISLAMABAD: Finance Minister Ishaq Dar on Thursday said soon an agreement would be reached with the International Monetary Fund (IMF), Bol News reported.

In an informal talk with media, Ishaq Dar said negotiations with the IMF were underway in a positive environment. Special Assistant to Prime Minister on Finance Tariq Bajwa was also present on the occasion.

Tariq Bajwa apprised that a meeting was scheduled with the IMF later that day and another would be held on March 3. “We are holding meetings with the IMF. Soon good results will come out,” he said.

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Meanwhile, in a tweet, Ishaq Dar said anti-Pakistan elements were spreading malicious rumors that Pakistan may default. “This is not only completely false but also belie the facts,” he said adding that the State Bank of Pakistan (SBP) forex reserves had been increasing and were almost US$ one billion higher than four weeks ago despite making all external due payments on time.

“Foreign commercial banks have started extending facilities to Pakistan. Our negotiations with IMF are about to conclude and we expect to sign Staff Level Agreement with IMF by next week. All economic indicators are slowly moving in the right direction,” he tweeted.

On the other hand, Pakistan Tehreek e Insaf (PTI) Chairman Imran Khan said the Pakistani rupee had been slaughtered as it lost more than 62 per cent or 110 per dollar in 11 months of the Pakistan Democratic Movement (PDM).

In a tweet, Imran Khan said the devaluation of rupee had increased the public debt by Rs14.3 trillion and inflation to 75-year high – 31.5 per cent.

“Rupee slaughtered – lost over 62% or 110/$ in 11 months of PDM. This has increased public debt alone Rs 14.3 trn & historic 75 yr high inflation 31.5%. Pakistanis paying heavy price of regime change conspiracy where a bunch of criminals have been foisted upon nation by ex COAS,” he tweeted.

In just one day on Thursday, dollar strengthened against Pakistani rupee by more than Rs18 per dollar.