ISLAMABAD: Minister for Finance and Revenue Miftah Ismail said that International Monetary Fund (IMF) has indicated it could ease its programme conditions for Pakistan in wake of massive devastation caused by floods with revised estimates putting losses to tune of $ 30 billion.

“Prime Minister Shehbaz Sharif met IMF Managing Director Kristalina Georgieva yesterday, where he discussed current economic situation of country in wake of flash floods devastation and called for relaxing conditions,” said Miftah, while talking to media.

“IMF understood our predicament and has almost said yes to it, but formal discussions will commence in Washington after two weeks,” said finance minister, following which conditions will be relaxed and size of its tranche increased.

Meanwhile, talking about ongoing Pakistan rupee depreciation against US dollar, Miftah said government, being currently in an IMF programme cannot intervene in market. Earlier, Miftah said that Pakistan will “absolutely not” default on debt obligations despite floods, signalling there will be no major deviation from reforms designed to stabilise a struggling economy.

Published in The Daily National Courier, September, 24 2022

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