Tag: delegation

  • Ishaq Dar to attend IMF, World Bank meetings in US

    Ishaq Dar to attend IMF, World Bank meetings in US

    Finance Minister of Pakistan, Ishaq Dar, will lead a delegation to the United States to attend the annual spring meeting of the Breton Wood Institutions (BWIs), comprising the International Monetary Fund (IMF) and World Bank, from April 10 to 16.

    The delegation includes officials from the Finance and Economic Affairs Division and the State Bank of Pakistan (SBP) governor. The delegation is expected to present new proposals to the IMF and World Bank for the provision of dollar inflows.

    IMF and Pakistan will also discuss the possibility of combining the remaining 10th and 11th reviews under the Extended Fund Facility (EFF) program, worth $6.5 billion, if the pending 9th review is completed. The EFF program, signed in 2019, is set to expire on June 30, 2023, and cannot be extended beyond the deadline.

    The delay in the 9th Review’s completion, scheduled for December 2022, has resulted in the delay of the 10th Review, which was to start in February 2023. The 11th Review was scheduled to begin on May 3. The delay in the 9th Review will increase the cost of correcting the situation.

    The government of Pakistan has taken difficult decisions to revive the IMF program, but there is no easy solution to the country’s ailing economy. The IMF is seeking verification from Pakistan’s bilateral friends, including Saudi Arabia, the UAE, and Qatar, to provide additional assistance of $6 billion until the end of June 2023.

    SBP’s foreign exchange reserves currently stand at $4.2 billion, which is insufficient to meet obligations related to foreign debt servicing, including principal and markup. It remains to be seen how the completion of the bailout program will proceed, given the delay in the 10th Review.

  • Khan says govt ‘to recognise Israel’, Israel’s president praises Pakistani delegation

    Khan says govt ‘to recognise Israel’, Israel’s president praises Pakistani delegation

    Israel President Isaac Herzog has said that he had had an “amazing experience” while meeting a Pakistan expatriate delegation living in the United States (US). Herzog referred to this visit as an example that showed him “great change” towards Israel’s ties with the Muslim world.

    Herzog said he received a delegation of Pakistani expats who lived in the US “together with other members of other countries in their region”.

    No change in govt’s policy on Israel: Foreign Office

    However, the Ministry of Foreign Affairs of Pakistan categorically rejected the notion of any delegation from Pakistan visiting Israel.

    “The reported visit in question was organised by a foreign NGO that is not based in Pakistan,” the Foreign Office (FO) spokesperson said in a statement.

    “Pakistan’s position on the Palestinian issue is clear and unambiguous. There is no change whatsoever in our policy on which there is a complete national consensus.”

    The statement further added that Pakistan steadfastly supports the Palestinian people’s inalienable right to self-determination. 

    “The establishment of an independent, viable, and contiguous Palestinian state with pre-1967 borders and Al-Quds Al-Sharif as its capital, in accordance with the relevant UN and OIC resolutions, is imperative for just and lasting peace in the region,” the statement added. 

    Govt going to accept Israel: Khan

    Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan criticised the sitting government as the Pakistani expats delegation visited Israel. More criticism was hurled their way after Herzog praised the Pakistani-American delegation.

    Khan on Sunday criticising the government and alleged that it was going to recognise Israel.

    “This government will strike a deal with India to sell the people of Kashmir, and to top it off, they are also going to accept Israel,” he said while addressing the PTI workers’ convention in Charsadda.

    There was no Pakistan delegation visiting Israel: Anila Ali

    A 15-member delegation visited Israel to promote interfaith harmony. The trip was organised by the American Muslim and Multifaith Women’s Council and an NGO called Sharaka. Founder of the American Muslim and Multifaith Women Empowerment Council, Anila Ali, led the delegation.

    After Khan’s allegations, Anila tweeted: There was no #Pakistan delegation visiting #Israel.

    Pakistan does not recognise the state of Israel: Ahsan Iqbal

    Minister for Planning, Development, and Special Initiatives Ahsan Iqbal clarified no official or semi-official delegation from Pakistan met the Israeli president.

    “The participants in this delegation were Pakistani-Americans who have already provided an explanation in this regard,” the planning minister said in a tweet.

    Iqbal said the policy of the Government of Pakistan is clear — it does not recognise the state of Israel. “All our sympathies lie with brothers and sisters of Palestine.”

    Israeli President received a delegation of Pakistani expats

    “I must say this was an amazing experience. We haven’t had a group of Pakistani leaders in Israel in such scope. And that all stems from the Abraham Accords [a deal brokered by the United States in 2020 which saw normalisation of relations between Israel, the United Arab Emirates (UAE), and Bahrain], meaning Jews and Muslims can dwell together in the region.”

    Israeli President Isaac was speaking at the World Economic Forum in Davos, Switzerland.

    Pakistan refused to accept Israel as a sovereign state because of the Palestine-Israel conflict, and every government that came to power has endorsed this stance. Speculations were being created that the new government was in a way ready to recognise Israel as a sovereign state.

  • Pakistani govt seeks help for balance of payments: IMF

    Pakistani govt seeks help for balance of payments: IMF

    The International Monetary Fund (IMF) has confirmed that the new government in Pakistan has reached out to it, seeking support for the country’s balance of payments. It said a delegation of the country would be in Washington this week for a follow-up meeting.

    “The IMF looks forward to continuing supporting Pakistan’s authorities on economic policies and reforms to ensure macroeconomic stability in the country amidst the current challenging global economic environment,” IMF’s Resident Representative in Islamabad Esther Perez Ruiz told Dawn News.

    She also confirmed that as part of the IMF’s “continued engagement with Pakistan” she last Friday met with finance minister-designate Miftah Ismail, ahead of the visit of Pakistan’s delegation to Washington during Spring Meetings.

    Top government sources confirmed that a delegation also comprising Secretary Hamed Yaqoob Shaikh and State Bank of Pakistan (SBP) Governor Dr Reza Baqir would be meeting the new IMF mission chief to Pakistan Nathan Porter on Monday evening, besides other fund officials.

    Pakistani delegation likely to meet fund officials this week

    Efforts were on to ensure that Mr Ismail also joins the Washington meetings physically and hopefully take this opportunity to call on IMF Managing Director Kristalina Georgieva and seek her support for the revival and completion of the stalled fund programme. These sources said former finance minister Shaukat Tarin had sought to arrange a meeting with Ms Georgieva during these meetings as negotiations with the fund staff had stalled following Feb 28 fuel subsidies and tax amnesty announced by former prime minister Imran Khan.

    The new finance minister would be more eager to seek blessings of the IMF’s top management at the outset for smooth engagements with the staff to put the programme back on track and ensure foreign inflows for the direly needed balance of payment support. There are, however, at least three issues that the authorities are trying to resolve as the spring meetings (April 18-24) are opening today.