‘IMF board had doubts over Pakistan’s intentions to honour commitments’

International Monetary Fund’s chief Kristalina Georgieva revealed that she assured the global lender’s Executive Board that Pakistan would fulfil its commitment made to the IMF regarding $3 billion short-term deal amid past trust deficit, reported state-run APP.

The IMF managing director’s statement came in a telephonic conversation with Prime Minister Shehbaz Sharif on Friday a day after Pakistan received $1.2 billion tranche of a $3 billion Stand-By Arrangement (SBA) reached with the global lender last month.

The IMF MD said that the prime minister of Pakistan built a very convincing case, though the IMF board was sceptical of the country’s commitment to fulfilling the conditions of the agreement due to the "past trust deficit".

However, in the light of her continued engagement with the premier, she assured the board that Pakistan would deliver on its commitments as she had personally met PM Shehbaz and seen his seriousness to deliver, the APP quoted the IMF chief as saying.

She acknowledged the leadership shown by the incumbent prime minister and underlined that there is a strong partnership and mutual trust between both parties now.

Terming Pakistan an important member of the IMF, she reassured to continue to help Pakistan.

Premier Shehbaz conveyed profound gratitude to Georgieva for support and assistance in materialising the recently concluded Stand-by Agreement for $3 billion.

The PM also appreciated the MD for her leadership and professionalism. He also acknowledged that the Washington-based lender's chief felt for the poor and termed her support as invaluable.

PM Shehbaz also appreciated Georgieva for her positive approach and her frank comments during his interaction with her in Paris.

The premier also reassured that he will not tolerate an iota of violation of this agreement.

“This government is here till August after which an interim government will take over and he is confident that they will continue to fulfil the obligations,” the premier was quoted as saying.

After the elections, if the people of Pakistan re-elected his government, PM Shehbaz said he is committed to turning around the economy with the help of the IMF and development partners.

Moreover, referring to Pakistan’s best quality mangoes, the prime minister said it will be an honour to send a gift of Pakistani mangoes to the IMF chief as a token of respect and deep appreciation.