Thursday September 28, 2023

$6 bn Extended Fund Facility: Talks with IMF not failed, positive results to come soon, says Tarin

October 19, 2021
$6 bn Extended Fund Facility: Talks with IMF not failed, positive results to come soon, says Tarin

NEW YORK: Finance Minister Shaukat Tarin has dismissed reports that the talks between Pakistan and the International Monetary Fund (IMF) for the resumption of $6 billion Extended Fund Facility (EFF) had failed, asserting that they were headed in a positive direction.

"The talks are continuing," Tarin told reporters, after addressing members of Pakistani community at the consulate general in New York on Sunday night during which he said the government was working hard for an inclusive and sustainable economic growth that benefits all segments of the society, especially the poor.

The finance minister came to New York on Friday from Washington where, besides the loan talks, he attended the annual meetings of the IMF and the World Bank, "I don't know what's the basis on which an impression has been given by some that the talks have failed -- they are totally wrong," he said.

At this stage, the finance minister said, final details were being worked out and the negotiations would, Insha Allah, conclude successfully. Tarin said Finance Secretary Yusuf Khan was still in Washington pursuing the talks with relevant IMF officials, and that he was in contact with the FBR chairman as well as with him for any advice. There was an atmosphere of positivity and the next few days would show a productive outcome from the talks, he said. In this regard, he said his meeting with IMF Managing Director Kristalina Georgieva and other fund officials were also very "useful and positive." "The nation shouldn't be disillusioned by some unfounded negative reports," the finance minister added.

Asked whether the IMF was demanding that Pakistan do more, Tarin said that every banker would ask for when someone applies for a loan. Pakistan, he said, had its red lines to protect its interests, although it has been made clear that the government would pursue the reform process for sustainable growth.

Earlier, speaking to the community members, the finance minister and the State Bank Governor, Dr Reza Baqir, who accompanied him, urged them to invest in the Roshan Digital Accounts (RDA) under which they can directly invest into the shares of companies in Pakistan and units of funds.

Pakistan Consul General in New York, Ayesha Ali, welcomed the Finance Minister and his team to the Pakistan House, and thanked the community members for turning up in such large numbers on a weekend. Pakistan's Permanent Representative to the United Nations, Ambassador Munir Akram, was also present.