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Dar Expects “Positive” Outcomes From The IMF Talks

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The federal minister of finance, Ishaq Dar, remarked on Wednesday that negotiations with the International Monetary Fund (IMF) are progressing well and that “excellent” results should be forthcoming soon.

“Throughout my tour, I met with the IMF and the World Bank 58 times.” According to the Pakistan Muslim League-N (PML-N) leader addressing to the media in London, the top management engaged in a spirited discussion during these meetings.

Read Dar promises IMF measures in light of the estimated $16 billion in flood damage.

The finance minister reacted on the recent surge in the value of the US dollar, saying it was not reason for concern because the currency’s real value is substantially lower than the current rate. He also expressed a desire for the dollar to lose all of its value.

Dar discussed a number of problems that came up during his discussion with PML-N leader Nawaz Sharif, but avoided delving into specifics, stating that it wasn’t necessary to notify the media about every issue.

Dar Forbids Debt Default

Ishaq Dar claimed in an interview with Reuters on Sunday that he would like to reschedule $27 billion of non-Paris Club debt, but would not seek haircuts as part of any restructuring.

Dar ruled out a default on the country’s debt, an extension of the maturity date for obligations due in December, and renegotiation of the existing International Monetary Fund programme.

International donors and multilateral development institutions, according to the minister, have been “extremely flexible” in finding ways to fund the country’s anticipated $32 billion in external financial demands as a result of the terrible floods.

Find Out More Pakistan wishes to restructure a bilateral debt of $27 billion: Dar

He speculated that some of this could be due to the repurposing of funds from development loans that had already been issued but were paying out slowly.

Dar, who is attending the IMF and World Bank annual meetings little over two weeks after taking office, stated that Pakistan will seek restructuring on comparable conditions for all bilateral creditors.

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