Pakistan's IMF deal deadline is near and there is no signs of breakthrough. Frustration regarding this is now visible on Pakistani government. Pakistan's Finance Minister, Ishaq Dar lost his cool and allegedly engaged in a physical tussle with journalist over the question asked about the deal.

Pakistan's Finance Minister snaps at reporter when asked about IMF deal

Pakistan Finance Minister Miftah Ismail stepped down from his post to make way for senior PML-N leader Ishaq Dar to take over the reins of the country’s cash-strapped economy.

WION Dispatch: Pakistan Finance Minister Miftah Ismail steps down, Ishaq Dar to take over

<p>Miftah Ismail, Pakistan's finance minister, took to Twitter on Sunday (September 25) to announce his resignation. Ismail said&nbsp;that in meeting with Mian Nawaz Sharif and the prime minister (Shahbaz Sharif), he has already "verbally" resigned and will be submitting a formal resignation once he reaches Pakistan.&nbsp;</p>

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<p dir="ltr" lang="en">In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, I have verbally resigned as Finance Minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as Finance Minister. Pakistan Paindabad</p>
— Miftah Ismail (@MiftahIsmail) <a href="https://twitter.com/MiftahIsmail/status/1574100914176020480?ref_src=twsrc%5Etfw">September 25, 2022</a></blockquote>
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<p>The announcement comes as Pakistan deals with an economic crisis made worse by the devastating floods.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/former-pak-finance-minister-dar-to-end-exile-return-from-london-to-resurrect-cash-strapped-economy-519573"><strong>Also read |&nbsp;Former Pak finance minister Dar to end exile, return from London to resurrect cash-strapped economy</strong></a></p>

<p>Ismail is the fifth finance minister of the country to be replaced in less than four years as Pakistan's economy experiences continuous instability, account deficits increase, and growing inflation puts pressure on households and businesses.</p>

<p>Ismail is currently in London along with the country's prime minister, Shehbaz Sharif, and both are expected to return&nbsp;this week.</p>

<p>The finance minister last week, in conversation with Reuters, had said that the country "will absolutely not" fail its financial debts, indicating that changes were made to the economic reforms.</p>

<p><a href="https://www.wionews.com/south-asia/a-hindu-woman-two-teenage-girls-abducted-and-converted-in-pakistan-519435"><strong>Also read |&nbsp;Hindu woman and two teenage girls abducted and converted in Pakistan</strong></a></p>

<p>Ismail further said that the country was seeking debt relief from several international creditors and mentioned that the government would not accept any assistance from commercial banks or Eurobond creditors. He mentioned that Pakistan will receive assistance from Qatar and the UAE and also stated that Saudi Crown Prince Mohammed bin Salman assured the prime minister of a $1 billion investment.</p>

<p>Pakistan's central bank still stands at $8.6 billion in debt despite receiving $1.2 billion in assistance from the IMF in August.</p>

<p>Devastating floods that covered a significant portion of Pakistan this month have worsened the situation. The catastrophe claimed over 1,500 lives and resulted in damage of nearly $30 billion in infrastructural damage, causing worries in the country.</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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Miftah Ismail, Pakistan's finance minister, took to Twitter on Sunday (September 25) to announce his resignation. Ismail said that in meeting with Mian Nawaz Sharif and the prime minister (Shahbaz Sharif), he has already "verbally" resigned and will be submitting a formal resignation once he reaches Pakistan.

Miftah Ismail, Pakistan's finance minister, took to Twitter on Sunday (September 25) to announce his resignation. Ismail said that in meeting with Mian Nawaz Sharif and the prime minister (Shahbaz Sharif), he has already "verbally" resigned and will be submitting a formal resignation once he reaches Pakistan. In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, I have verbally resigned as Finance Minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as Finance Minister. Pakistan Paindabad — Miftah Ismail (@MiftahIsmail) September 25, 2022 × The announcement comes as Pakistan deals with an economic crisis made worse by the devastating floods. Also read | Former Pak finance minister Dar to end exile, return from London to resurrect cash-strapped economy Ismail is the fifth finance minister of the country to be replaced in less than four years as Pakistan's economy experiences continuous instability, account deficits increase, and growing inflation puts pressure on households and businesses. Ismail is currently in London along with the country's prime minister, Shehbaz Sharif, and both are expected to return this week. The finance minister last week, in conversation with Reuters, had said that the country "will absolutely not" fail its financial debts, indicating that changes were made to the economic reforms. Also read | Hindu woman and two teenage girls abducted and converted in Pakistan Ismail further said that the country was seeking debt relief from several international creditors and mentioned that the government would not accept any assistance from commercial banks or Eurobond creditors. He mentioned that Pakistan will receive assistance from Qatar and the UAE and also stated that Saudi Crown Prince Mohammed bin Salman assured the prime minister of a $1 billion investment. Pakistan's central bank still stands at $8.6 billion in debt despite receiving $1.2 billion in assistance from the IMF in August. Devastating floods that covered a significant portion of Pakistan this month have worsened the situation. The catastrophe claimed over 1,500 lives and resulted in damage of nearly $30 billion in infrastructural damage, causing worries in the country. (With inputs from agencies) WATCH WION LIVE HERE

'It’s been an honour to serve twice as finance minister': Pakistan's Miftah Ismail confirms resignation

Despite resumption of IMF program, Pakistan is still reeling under dollar liquidity crunch while floods have aggravated the situation. In New York at the UNGA, WION's correspondent Anas Malik spoke to Pakistan's finance minister on the country's financial stability.

Exclusive: Pak finance minister speaks on trade with India, says will look into options

<p>Pakistan Finance Minister Asad Umar on Thursday said he would step down from his role after discussions with Prime Minister Imran Khan about a cabinet reshuffle, suggesting he is due to leave his position.</p>

<p>"As part of a cabinet reshuffle PM desired that I take the energy minister portfolio instead of finance. However, I have obtained his consent to not take any cabinet position," Umar said on Twitter.</p>

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<p dir="ltr" lang="en">As part of a cabinet reshuffle PM desired that I take the energy minister portfolio instead of finance. However, I have obtained his consent to not take any cabinet position. I strongly believe <a href="https://twitter.com/ImranKhanPTI?ref_src=twsrc%5Etfw">@ImranKhanPTI</a> is the best hope for Pakistan and inshallah will make a naya pakistan</p>
— Asad Umar (@Asad_Umar) <a href="https://twitter.com/Asad_Umar/status/1118803642314842112?ref_src=twsrc%5Etfw">April 18, 2019</a></blockquote>
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<p>Umar added that he strongly believes that Khan is the best hope for Pakistan, which is currently undergoing delicate negotiations with the International Monetary Fund (IMF) for a bailout to avert a balance of payments crisis.</p>

<p>As the finance minister of Pakistan, Umar had a major role in bringing back the economy and was negotiating with the International Monetary Fund (IMF) on behalf of Pakistan government for a bailout.</p>

<p>After Umar made the announcement on Twitter, many users expressed their disappointment.</p>

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<p dir="ltr" lang="en">Not a good decision.</p>
— Anwar Lodhi (@AnwarLodhi) <a href="https://twitter.com/AnwarLodhi/status/1118810115954610176?ref_src=twsrc%5Etfw">April 18, 2019</a></blockquote>
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<p dir="ltr" lang="en">It’s not your failure , isn’t it the failure of the government ?</p>
— Asma Shirazi (@asmashirazi) <a href="https://twitter.com/asmashirazi/status/1118809400087588864?ref_src=twsrc%5Etfw">April 18, 2019</a></blockquote>
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<p dir="ltr" lang="en">While I respect your decision but I still believe that you're the BEST asset <a href="https://twitter.com/hashtag/PTI?src=hash&amp;ref_src=twsrc%5Etfw">#PTI</a> has &amp; a vast majority of <a href="https://twitter.com/hashtag/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw">#Pakistan</a> VALUES your struggle &amp; pure intentions to make 🇵🇰 a better place to live in.👍<a href="https://twitter.com/hashtag/PakistanZindabad?src=hash&amp;ref_src=twsrc%5Etfw">#PakistanZindabad</a></p>
— Maleeha Hashmey (@MaleehaHashmey) <a href="https://twitter.com/MaleehaHashmey/status/1118806116526374912?ref_src=twsrc%5Etfw">April 18, 2019</a></blockquote>
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<p>As finance minister, Umar wrote letter to the Paris-based an international terror financing watchdog Financial Action Task Force (FATF) to remove India from the co-chair of its Asia-Pacific group. Pakistan is on the 'grey list' of the FATF for failing to curb anti-terror financing.</p>

<p>Imran Khan-led government and finance minister Umar in particular have faced mounting criticism by opposition parties and members of the business community over the handling of the economic crisis.</p>

<p>Cash-strapped Pakistan is seeking US $8 billion from the IMF to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.</p>

<p>Pakistan has so far received a total of US $9.1 billion in financial aid packages from friendly countries like China, Saudi Arabia and the UAE during the current fiscal year.</p>

<p><em>(With inputs from agencies)</em></p>


Pakistan Finance Minister Asad Umar on Thursday said he would step down from his role after discussions with Prime Minister Imran Khan about a cabinet reshuffle, suggesting he is due to leave his position.

Pakistan Finance Minister Asad Umar on Thursday said he would step down from his role after discussions with Prime Minister Imran Khan about a cabinet reshuffle, suggesting he is due to leave his position. "As part of a cabinet reshuffle PM desired that I take the energy minister portfolio instead of finance. However, I have obtained his consent to not take any cabinet position," Umar said on Twitter. As part of a cabinet reshuffle PM desired that I take the energy minister portfolio instead of finance. However, I have obtained his consent to not take any cabinet position. I strongly believe @ImranKhanPTI is the best hope for Pakistan and inshallah will make a naya pakistan — Asad Umar (@Asad_Umar) April 18, 2019 × Umar added that he strongly believes that Khan is the best hope for Pakistan, which is currently undergoing delicate negotiations with the International Monetary Fund (IMF) for a bailout to avert a balance of payments crisis. As the finance minister of Pakistan, Umar had a major role in bringing back the economy and was negotiating with the International Monetary Fund (IMF) on behalf of Pakistan government for a bailout. After Umar made the announcement on Twitter, many users expressed their disappointment. Not a good decision. — Anwar Lodhi (@AnwarLodhi) April 18, 2019 × It’s not your failure , isn’t it the failure of the government ? — Asma Shirazi (@asmashirazi) April 18, 2019 × While I respect your decision but I still believe that you're the BEST asset #PTI has & a vast majority of #Pakistan VALUES your struggle & pure intentions to make 🇵🇰 a better place to live in.👍#PakistanZindabad — Maleeha Hashmey (@MaleehaHashmey) April 18, 2019 × As finance minister, Umar wrote letter to the Paris-based an international terror financing watchdog Financial Action Task Force (FATF) to remove India from the co-chair of its Asia-Pacific group. Pakistan is on the 'grey list' of the FATF for failing to curb anti-terror financing. Imran Khan-led government and finance minister Umar in particular have faced mounting criticism by opposition parties and members of the business community over the handling of the economic crisis. Cash-strapped Pakistan is seeking US $8 billion from the IMF to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. Pakistan has so far received a total of US $9.1 billion in financial aid packages from friendly countries like China, Saudi Arabia and the UAE during the current fiscal year. (With inputs from agencies)

Pakistan finance minister Asad Umar steps down, won't take any cabinet position

<p><a href="https://www.wionews.com/world/pakistan-not-approaching-imf-for-new-bailout-programme-considers-alternative-options-finance-minister-189892">Cash-strapped Pakistan</a> is likely to secure a <a href="https://www.wionews.com/world/pakistan-imf-to-reach-agreement-soon-on-bailout-package-finance-minister-205590">bailout package</a> between $6 billion and $12 billion from the IMF by the middle of May after the two sides significantly bridged the "gap" on the terms of the deal, Finance Minister Asad Umar has said.</p>

<p>The Pakistan Tehreek-i-Insaf (PTI) government led by Prime Minister Imran Khan has been grappling with a severe balance of payments crisis. Islamabad has sought help from close allies like China, Saudi Arabia and the UAE to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.</p>

<p>"We're approaching the landing zone," said Umar.&nbsp;</p>

<p>"The gap between our position and the IMF's is significantly less than what it was a few months back," he told the Financial Times.</p>

<p>His comments came after a meeting with IMF mission chief for Pakistan Ernesto Ramirez-Rigo this week.&nbsp;</p>

<p>Rigo visited Islamabad and Karachi for introductory meetings with Pakistani authorities. He assumed Pakistan mission chief responsibilities earlier this month. This was his first visit to the country, Geo News reported.</p>

<p>Umar said he hoped an agreement would be reached with the International Monetary Fund by "late April, first half of May". The package would be of between $6 billion and $12 billion, Dawn newspaper reported, quoting Umar as telling the British daily.</p>

<p>A sticking point in the negotiations between the two sides seems to be the exchange rate management of the rupee, which has lost 33 per cent of its value since 2017 when compared to that of the dollar.</p>

<p>"There is no conceptual difference between us and the IMF, the exchange rate needs to be reflective of the market,"&nbsp;said Umar.&nbsp;</p>

<p>"How you implement it and the sequence in which those steps have to be taken have been a part of the discussion and continue to be," he said.</p>

<p>According to analysts, the IMF has been suggesting measures such as a free-floating rupee, which would result in a further devaluation of the currency, and structural changes such as widening of the tax base.</p>

<p>In October, IMF Managing Director Christine Lagarde said that any IMF loan, whether to Pakistan or other countries, requires "a complete understanding and absolute transparency about the nature, size and terms of the debt that is bearing on a particular country."</p>

<p>The US has made it clear that it would make all efforts to ensure that any IMF loan to Pakistan is not used to repay its Chinese debt.</p>

<p>"We are working and making clear within the IMF that if it were going to supply any funding to Pakistan that it would not be used to repay Chinese loans," David Malpass, Under Secretary of Treasury for International Affairs, told lawmakers during a Congressional hearing in December.</p>

<p>While China has pumped-in $4.1 billion, Pakistan has got US $3 billion from Saudi Arabia and $2 billion from the United Arab Emirates.</p>

<p>That is why some analysts have voiced concerns about whether it will be able to pay back loans it has taken and if it will be able to repay China for the USD 62 billion it is receiving as part of the China-Pakistan Economic Corridor initiative.</p>

<p>But Umar dismissed the suggestion that the country's debt to China posed a problem. "I have a debt problem, a serious debt problem, but not a China debt problem."</p>

<p>A cornerstone of those reforms will be complying with conditions of the Financial Action Task Force (FATF), which has been scrutinising Pakistan's performance vis-a-vis combating money laundering and funding of terrorism.</p>

<p>"We believe that sufficient steps are being taken" in this regard, Umar said.</p>

<p>Experts say a green light from FATF would be essential to unlocking IMF money, the report said.&nbsp;</p>

<p>"I think it's naive to assume that there is no relationship between FATF and the next IMF programme,"&nbsp;said a former finance official.</p>

<p>"The IMF will probably demand some major changes in the banking structure, which are also the kinds of changes that are being sought by FATF," the official was quoted as saying by the report.</p>


Cash-strapped Pakistan is likely to secure a bailout package between $6 billion and $12 billion from the IMF by the middle of May after the two sides significantly bridged the "gap" on the terms of the deal, Finance Minister Asad Umar has said.

Cash-strapped Pakistan is likely to secure a bailout package between $6 billion and $12 billion from the IMF by the middle of May after the two sides significantly bridged the "gap" on the terms of the deal, Finance Minister Asad Umar has said. The Pakistan Tehreek-i-Insaf (PTI) government led by Prime Minister Imran Khan has been grappling with a severe balance of payments crisis. Islamabad has sought help from close allies like China, Saudi Arabia and the UAE to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. "We're approaching the landing zone," said Umar. "The gap between our position and the IMF's is significantly less than what it was a few months back," he told the Financial Times. His comments came after a meeting with IMF mission chief for Pakistan Ernesto Ramirez-Rigo this week. Rigo visited Islamabad and Karachi for introductory meetings with Pakistani authorities. He assumed Pakistan mission chief responsibilities earlier this month. This was his first visit to the country, Geo News reported. Umar said he hoped an agreement would be reached with the International Monetary Fund by "late April, first half of May". The package would be of between $6 billion and $12 billion, Dawn newspaper reported, quoting Umar as telling the British daily. A sticking point in the negotiations between the two sides seems to be the exchange rate management of the rupee, which has lost 33 per cent of its value since 2017 when compared to that of the dollar. "There is no conceptual difference between us and the IMF, the exchange rate needs to be reflective of the market," said Umar. "How you implement it and the sequence in which those steps have to be taken have been a part of the discussion and continue to be," he said. According to analysts, the IMF has been suggesting measures such as a free-floating rupee, which would result in a further devaluation of the currency, and structural changes such as widening of the tax base. In October, IMF Managing Director Christine Lagarde said that any IMF loan, whether to Pakistan or other countries, requires "a complete understanding and absolute transparency about the nature, size and terms of the debt that is bearing on a particular country." The US has made it clear that it would make all efforts to ensure that any IMF loan to Pakistan is not used to repay its Chinese debt. "We are working and making clear within the IMF that if it were going to supply any funding to Pakistan that it would not be used to repay Chinese loans," David Malpass, Under Secretary of Treasury for International Affairs, told lawmakers during a Congressional hearing in December. While China has pumped-in $4.1 billion, Pakistan has got US $3 billion from Saudi Arabia and $2 billion from the United Arab Emirates. That is why some analysts have voiced concerns about whether it will be able to pay back loans it has taken and if it will be able to repay China for the USD 62 billion it is receiving as part of the China-Pakistan Economic Corridor initiative. But Umar dismissed the suggestion that the country's debt to China posed a problem. "I have a debt problem, a serious debt problem, but not a China debt problem." A cornerstone of those reforms will be complying with conditions of the Financial Action Task Force (FATF), which has been scrutinising Pakistan's performance vis-a-vis combating money laundering and funding of terrorism. "We believe that sufficient steps are being taken" in this regard, Umar said. Experts say a green light from FATF would be essential to unlocking IMF money, the report said. "I think it's naive to assume that there is no relationship between FATF and the next IMF programme," said a former finance official. "The IMF will probably demand some major changes in the banking structure, which are also the kinds of changes that are being sought by FATF," the official was quoted as saying by the report.

Pak likely to get between $8 billion to $12 billion bailout package by mid-May: Finance Minister