Finance Minister Ishaq Dar Friday reiterated his commitment to transparency and accountability in financial matters, particularly concerning the Extended Fund Facility (EFF) agreement with the International Monetary Fund (IMF).
During his address to the National Assembly session, the minister said: “Any important developments in the country should be presented in the assembly”.
“I will bring the documents of the IMF agreement in this House as the Finance Minister,” Dar asserted, assuring the lawmakers and the public that he would make the necessary documents available for scrutiny and review.
Regarding the Letter of Intent, Dar revealed that it had been signed on June 30.
He asserted that the MEFP (Memorandum of Economic and Financial Policies) and PFP (Policy Framework Paper) were attached to the Letter of Intent.
He announced his intention to keep one copy of the three documents associated with the agreement in the assembly library, making them accessible to all members.
“We tried to surpass $1.4 billion,” the Finance Minister stated, highlighting that every step of the contract process was completed with hard work and dedication.
Dar also shed light on the review process, stating, “At that time, there was talk of the ninth review,” revealing that the ninth review was initially scheduled for November.
“Overall agreement consisted of 11 or 12 reviews,” he added.
The Minister acknowledged the challenges faced during the agreement, stating, “During this time, the agreement also came to a standstill,” implying potential obstacles in implementing certain aspects of the EFF.
Dar further added, “When we took over the government, the reserves were 14 billion dollars.”
“We have made all payments and have not stopped any payments,” the minister asserted, emphasizing the government’s adherence to its financial obligations.
On the subject of inflation, the Finance Minister revealed ongoing efforts to mitigate its impact, stating, “Efforts are being made to come up with such a policy that will stop the storm of inflation.”
He further projected a cautious estimate, saying that if the policies were successful, inflation could be maintained at 7% within two years.
Looking ahead to the future, Dar emphasized that the new government should make independent decisions, stating, “If the new government comes, it should make an independent decision.”
“We have fulfilled the conditions of IMF,” he assured, highlighting the government’s commitment to meeting the IMF’s stipulations to ensure economic stability and growth.
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