IMF ready but new govt should decide on loan programme: PM’s adviser


Adviser to Prime Minister on Finance, Dr Shahid Amjad on Tuesday said the International Monetary Fund (IMF) has offered a new loan plan to Pakistan but the matter will be left for the upcoming government as the caretaker setup does not have the mandate to decide such issues.
Briefing reporters on his recent meetings with IMF and other international financial institutions, Dr Amjad said during the meetings choices of re-engagement with IMF were discussed, especially with regards to conditions when the new government comes in. Both sides decided that repayments will not be made quickly and a timeframe between five to ten years has been agreed on, he added.
Amjad said the caretakers were determined to keep the economy stable and hand it over to the new elected political setup with energy shortages and other issues under control.
He said the Pakistani side had also discussed getting the country the leverage to negotiate with all international financial institutions on separate conditions.
If there were additional measures required, the substantial part will be given in social protection, the adviser said.
Amjad said during the next four to six months, Pakistan has to pay $883 million to IMF- in May and subsequently in July and September.
Responding to a question, Amjad said in the past old payments were overloaded with conditions.
He clarified that their meetings with IMF officials were part of the “Spring meetings” and no agreement had been signed with IMF.