Seventh IMF review reinstated, says Miftah Ismail

Seventh IMF review reinstated, says Miftah Ismail

Washington (Web Desk): The International Monetary Fund (IMF) has agreed to increase the size of its $6 billion loan programme by $2bn and extend it for another year.

Finance Minister Miftah Ismail said on Sunday that Pakistan had asked the IMF to enhance its bailout package from the remaining $3bn to $5bn.

Following his meetings with the IMF, Miftah Ismail assured the nation that Pakistan has “not defaulted” in its over 70-year history and will not do so in the future either.

Addressing a press conference alongside State Minister for Finance and Revenue Dr Aisha Ghaus Pasha, Miftah said that dealings and commitments carried out during former prime minister Imran Khan’s tenure were with the state of Pakistan, therefore, the incumbent government will abide by those dealings.

“We [the coalition government] are responsible for that and the loans Imran Khan took, we are responsible for that as well,” the finance minister said and added that even the commitments related to the China Pakistan Economic Corridor (CPEC) that the previous government made were now the responsibility of the incumbent regime to take care of.

The minister also indicated that the autonomy the previous government gave to the State Bank would not be withdrawn. “We will not do anything that irks the IMF,” he said.