Dar seeks greater policy support from IMF and donors amid flood catastrophe

WASHINGTON: In view of the climate-induced flood catastrophe and economic losses suffered by the country, Finance Minister Ishaq Dar Sunday urged the International Monetary Fund (IMF) and multilateral donors to offer greater policy support to Pakistan.

Addressing a meeting of MENAP (Middle East, North Africa, Afghanistan, and Pakistan), Dar urged 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 these countries face in the backdrop of climate-induced calamities.

Finance ministers of several countries, central bank governors, and IMF Managing Director Kristalina Georgieva were present during the meeting in Washington DC.

Highlighting the humanitarian catastrophe and the scale of the disaster, he pleaded for more policy support for Pakistan.

He welcomed new IMF instruments Resilience and Sustainability Trust (RST) and Food Shock Window under Rapid Financing Instrument (RFI) to support countries.

He also thanked IMF managing director for her sentiments and committed to completing the Fund program despite challenges.

Meanwhile, the minister and State Bank of Pakistan Governor Jameel Ahmad met Queen Maxima of the Netherlands on the sidelines of the annual meetings of IMF-World Bank to discuss financial inclusion and banking on equality.

The two sides reiterated their commitment to work together to achieve fast progress in the subjects discussed.

The minister also held a meeting with Asian Development Bank (ADB) President Masatsugu Asakawa and thanked him for the 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 programme amounting to $1.5 billion and of continued support to Pakistan.