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2021-11-23 India-Pakistan
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IMF deal with Pakistan would revive $6 billion bailout
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Throwing bad money after worse. The good money disappeared into select bank accounts long ago. [AlAhram] The International Monetary Fund said Monday that weeks of talks with Pakistain have produced a preliminary agreement toward reviving a $6 billion economic bailout for the Islamic nation.
Pakistain and IMF originally signed the accord in 2019, but the release of a key installment had been on the hold since earlier this year. That's when the fund expressed reservations about a delay in Pakistain's compliance with conditions of the bailout.
The IMF statement Monday said that under latest proposal, IMF would disburse about $1 billion to Pakistain, bringing the total disbursement out of the $6 billion bailout to about $3 billion since 2019, according to the statement.
The talks this month yielded an agreement ``subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms,`` the IMF statement said.
Such an approval by IMF's executive board is considered a formality.
Muzzammil Aslam, a front man at Pakistain's finance ministry, also confirmed the latest development, saying the staff-level agreement was reached between Pakistain and IMF after 45 days of discussion.
In April 2020, the IMF released $1.4 billion to Pakistain, helping it handle an economic crisis amid a surge in fatalities from the coronavirus (aka COVID19 or Chinese Plague)
...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...
. At least 28,663 Paks have died from COVID-19 since last year, while about 1.2 million tested positive from the new virus.
Analysts say the fund wants Pakistain to further reduce the budget deficit, increase tariffs of electricity and petrol, as well as curb money laundering and corruption. The government in recent weeks complied with most of the conditions of IMF, but doing so made Prime Minister Imran Khan
...aka The Great Khan , who who convinced himself that playing cricket qualified him to lead a nuclear-armed nation with severe personality disorders...
highly unpopular among people as inflation and the price of essential food soared.
In its statement Monday, the IMF also praised some measures taken by Pakistain government, saying the country's new moves could result in 4% growth this year and 4.5% the fiscal year after that.
Officials say the delay in agreement between Pakistain and the IMF was due to uneasy relations between Pakistain and the United States. U.S. President Joe The Big Guy Biden
 ...46th president of the U.S. The guy who lost Afghanistan, aka Biden's Bungle...
has avoided a call to Khan since he came into power. Khan this year publicly refused to provide bases to Washington for operations in Afghanistan.
The U.S., which exerts major influence over the IMF, has said the fund should not finance the tens of billions of dollars in loans that Pakistain has taken from China as part of Beijing's worldwide Belt and Road Initiative. 
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Posted by trailing wife 2021-11-23 00:00||
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File under: Govt of Pakistan
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