Pakistan Tehreek-e-Insaf party asks IMF to consider nation’s instability in further bailout talks
Imran Khan
The Pakistan Tehreek-e-Insaf (PTI) party has penned a letter to the International Monetary Fund (IMF) to consider the country's political stability in any further bailout talks, the news agencies Reuters reported on Wednesday (Feb 28) citing two people familiar with the matter.
The party of Pakistan's jailed former prime minister Imran Khan sent a letter to the IMF detailing its position. The sources noted that more details would be made public in due course.
The party urged that the global lender make sure that its guidelines regarding "good governance as well as conditionalities" were applied before granting a loan.
PTI also asked for an election audit of "at least 30 per cent of the national and provincial assemblies' seats". It said that it could be accomplished in "merely two weeks".
As quoted by the news agency, Sohail Ahmed of Karachi-based Topline securities said the letter was unlikely to have a major market impact. He said, "The IMF will do its own due diligence."
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Last week, Khan's aides said they would urge the lender to call for an independent audit of Pakistan's February 8 elections before engaging in further talks with Islamabad. But IMF declined to comment.
Watch:Can Arif Alvi grant pardon to Imran Khan?
Jailed PTI founder chairman's counsel Barrister Ali Zafar told reporters at the Adiala Jail last Thursday that "Imran Khan will issue a letter to the IMF today. The charter of IMF, EU, and other organizations stipulates that they can function or provide loans to a country only if there’s good governance."
Pakistan's cash-strapped economy is struggling to stabilise after securing a $3 billion standby arrangement from the IMF last summer, with record inflation, rupee devaluation and shrinking foreign reserves.
Local Geo News TV reported on Wednesday citing unnamed sources in the finance ministry thatChina has rolled over a $2 billion loan to Pakistan.
The $2 billion loan was due in March and has been extended for one year, it said.
(With inputs from agencies)