Operation Sindoor: IMF urges India-Pakistan de-escalation, confirms Islamabad bailout review to happen on May 9
The IMF calls for de-escalation between India and Pakistan amid growing tensions, as it prepares for a May 9 review of Pakistan's funding program.
The International Monetary Fund (IMF) has expressed hope for de-escalation between India and Pakistan ahead of the May 9 Pakistan funding review meeting.
This comes as tensions between India and Pakistan rise in the aftermath of the horrific Pahalgam terror attack and India's subsequent anti-terror Operation Sindoor.
What did the IMF say?
In a statement during a press briefing, the IMF expressed hope for a peaceful resolution between the two neighbours.
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"We hope for a peaceful resolution and de-escalation between India and Pakistan," said a spokesperson of IMF, the specialised agency of the United Nations (UN).
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The IMF spokesperson also confirmed that the international agency's executive board will meet on May 9, as scheduled, to review Pakistan's current funding programme: "The executive board will meet on May 9 to review Pakistan’s funding".
Why is the IMF reviewing Pakistan's funding?
Amidst ongoing fiscal problems, Pakistan has been under an IMF loan as part of its economic stabilisation plan. The review will determine if the country meets reform benchmarks and will impact the next funding disbursement.
The May 9 review of Pakistan's funding by the IMF comes as India, as per Reuters, asked the international agency to review loans disbursed to Islamabad.
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Last year, Pakistan secured a $7 billion bailout programme from the IMF. In March, it was granted an additional $1.3 billion loan for climate resilience.
This programme is vital to Pakistan's $350 billion economy. Islamabad says it has stabilised thanks to the bailout that prevented a default, reports Reuters.
India-Pakistan tensions and Operation Sindoor
In recent weeks, tensions between India and Pakistan reached new heights in the aftermath of the April 22 Pahalgam Terror Attack, in which 26 people, mostly Hindus, were killed by terrorists. In the aftermath, New Delhi initiated a number of diplomatic actions against Islamabad before finally launching military action early on May 7. The cross-border strikes, code-named Operation Sindoor targeted nine specific sites linked to terrorism.
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Operation Sindoor: IMF urges India-Pakistan de-escalation, confirms Islamabad bailout review to happen on May 9
Following the attack, in an official statement, the Minister of Defence said, "A little while ago, the Indian Armed Forces launched 'OPERATION SINDOOR', hitting terrorist infrastructure in Pakistan and Pakistan-occupied Jammu and Kashmir from where terrorist attacks against India have been planned and directed."
