IMF 'turns deaf ear' to India's request
The International Monetary Fund (IMF) has turned a deaf ear to India's demand to halt its loan programme for Pakistan.
IMF Resident Represen-tative in Pakistan Esther Perez Ruiz clarified in an informal conversation that the Fund's Executive Board will proceed with its agenda on May 9, and Pakistan's request will also be considered in that meeting. "We cannot comment on concerns raised by other countries," she said.
According to officials from the Ministry of Finance, the country is expected to receive a $2.3 billion package from the IMF during the meeting. The meeting is also expected to approve a $1.3 billion Resilience and Sustainability Facility (RSF) programme related to climate financing.
The funds will be disbursed in installments over a 28-month period to help Pakistan tackle climate change challenges. A staff-level agreement between Pakistan and the IMF was reached on March 25.
Earlier, media reports citing a foreign news agency stated that an Indian government official had urged the IMF to review its financial assistance to Pakistan. However, no further details were provided about the demand.
Meanwhile, Khurram Shehzad, adviser to the finance minister, told a foreign news agency that the IMF programme is progressing in the right direction and the recent review has been successfully completed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Saudi Arabia's net FDI fall 7pc in Q1
RIYADH: Saudi Arabia's net foreign direct investment (FDI) fell 7% in the first quarter of 2025 compared to the previous quarter, government data showed on Sunday, as the kingdom continues to lag behind its ambitious FDI goals. The kingdom drew 22.2 billion riyals ($5.92 billion) in FDI in the three months ended March 31 from 24 billion riyals ($6.40 billion) in the last three months of 2024. Net FDI rose 44% compared to the same quarter the previous year when the kingdom drew 15.5 billion riyals ($4.13 billion), the General Authority of Statistics data showed. Raising FDI is a key element of the kingdom's Vision 2030 economic transformation programme, which aims to lower the country's dependence on oil, expand the private sector, and create jobs. Saudi Arabia has set a goal of attracting $100 billion in FDI by 2030, spending massively on huge development projects known as 'giga projects' and expanding sectors like sports, tourism, and entertainment. But FDI numbers remain far from that target. Saudi Arabia has been seen as a source of capital rather than a home for investment, and foreign investors can find it difficult to navigate the kingdom's business environment, sources told Reuters when the FDI goal was first announced in 2021. The kingdom is projected to post a fiscal deficit of around $27 billion this year, which will largely be financed by borrowing, said a recent report by the International Monetary Fund. Saudi Arabia was the largest emerging market dollar debt issuer last year, but the IMF says the country has room to continue borrowing, with its net debt around 17% of GDP making it one of the least indebted nations globally. Riyadh has taken steps to encourage foreign firms to invest more in the country. Since 2021 companies seeking to secure state contracts have been required to set up their regional headquarters in Saudi Arabia. The government has also said it would update existing investment laws to boost transparency and promote equal treatment of local and foreign investors.
Express Tribune
3 hours ago
- Express Tribune
India bars Sikhs from Singh anniversary
The 186th death anniversary of Maharaja Ranjit Singh, the iconic "Sher-e-Punjab" (Lion of Punjab), was observed with reverence and solemnity at Gurdwara Dera Sahib in Lahore. However, the absence of Sikh pilgrims from India cast a shadow over the commemorations, as Indian authorities denied permission for the delegation to travel to Pakistan, despite official invitations from Islamabad. Religious freedom advocates and Sikh leaders have strongly condemned the Indian government's decision, calling it another instance of New Delhi's discriminatory policiesthis time targeting the Sikh community. The ongoing closure of borders due to strained India-Pakistan relations, combined with what many describe as the Modi administration's sectarian intolerance, was described as deeply regrettable by Sikh representatives. The main commemorative event took place at Maharaja Ranjit Singh's samadhi (mausoleum) within the historic precincts of Gurdwara Dera Sahib. A large number of Sikh devotees from across Pakistan gathered to pay tribute to the legendary ruler who is widely revered for founding the Sikh Empire and for his commitment to religious pluralism. Addressing the gathering, Dr Sajid Mehmood Chauhan, Chairman of the ETPB, paid rich tribute to Singh and denounced India's move to block Sikh pilgrims from attending.
Express Tribune
3 hours ago
- Express Tribune
India again admits jet losses in Pakistan clash
The Pakistan Air Force (PAF) shot down at least six Indian fighter jets, including three French-built Rafales. PHOTO WIKIMEDIA COMMONS An Indian defence official has admitted that the country's air force did "lose some aircraft" on the night of May 7 when they launched an unprovoked attack on civilian sites in Pakistan during the recent 86-hour war between the two nuclear powers. Captain Shiv Kumar, an Indian defence attache, made the statement while speaking at a seminar, 'Analysis of the Pakistan — India Air Battle and Indonesia's Anticipatory Strategies from the Perspective of Air Power' organised by Universitas Dirgantara Marsekal Suryadarma in Indonesia, reported Indian media. Kumar blamed the losses suffered by the Indian Air Force (IAF) on the constraints imposed by the political leadership in New Delhi. He claimed that the Indian aircraft were under orders not to attack Pakistan military assets, to avoid an escalation. Earlier, Chief of Defence Staff General Anil Chauhan confirmed the loss fighter jets during the May clashes with Pakistan, marking the first official acknowledgment of air losses in the ongoing conflict. He disclosed the information in an interview with Bloomberg Television, during the sidelines of the Shangri-La Dialogue in Singapore. However, he denied Pakistan's tally of six Indian jets being shot down, choosing not to specify the exact number of aircraft lost. "What is important is not the jet being down, but why they were being down," Chauhan said. "Numbers are not important." On May 30, Senior Bharatiya Janata Party (BJP) leader Subramanian Swamy admitted that Pakistan downed five Indian fighter jets, including Rafale aircraft. However, the military circles of India are always tight-lipped about the numbers of fighter jets loss by PAF.
