On April 8th, Pakistan’s Minister for Finance and Revenue, Muhammad Ishaq Dar, held a press conference to address the cancellation of his visit to the United States for the annual and spring meetings of the International Monetary Fund (IMF) and World Bank.
Dar explained that the main reason for the cancellation was the prevailing political and constitutional situation in the country.
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He further stated that he was attending virtual review meetings with a team of senior officials from Pakistan, including the Governor State Bank of Pakistan, the Secretary of Finance, the Secretary Economic Affairs Division, and other authorities concerned. The officials were attending the mandatory sessions as per the schedule, in complete coordination with him.
Dar categorically rejected the speculative reports circulating regarding the cancellation of his official visit to the US and participation in the meetings of the IMF and World Bank.
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He explained that he cancelled his visit under the directives of Prime Minister Shehbaz Sharif after a political and constitutional crisis emerged followed by the decision of the Supreme Court of Pakistan in a case regarding the polls in Punjab and Khyber Pakhtunkhwa.
The court had directed the federal government to ensure the provision of Rs21 billion to the Election Commission of Pakistan (ECP) before April 10, 2023, for finalizing the arrangements for the election of the Punjab provincial assembly.
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Dar reiterated the firm resolve of the government to fulfil all the commitments that were made with other institutions within the given timeframe. He also expressed the hope that after the confirmation, a staff-level agreement would be finalized with the IMF, adding that the government has completed its work.
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The Finance Minister further informed that all the questions of the fund about the proposed subsidy scheme of petroleum for small cars and motorcycles were also discussed as it was not part of any budgetary measures. He reaffirmed the commitment to bring the country out of economic crisis and put it back on track for development and prosperity.
