Pakistan says agrees to IMF conditions on release of $1.1bn funding

Islamabad: Pakistan has agreed with the International Monetary Fund on the conditions to release about $1.1 billion in critical funding, Finance Minister Ishaq Dar said on Friday, adding that the payout was delayed due to “routine procedures”. Dar was speaking to reporters hours after an IMF mission left Islamabad after 10 days of talks aimed at releasing the funds Pakistan desperately needs to keep its economy afloat. Payment of the funds, part of a $6.5 billion bailout Pakistan signed in 2019, has been stalled since last December. “The prime minister has said we’re committed,” Dar said. “We will implement whatever has been agreed upon between our teams.” We will try to make sure Pakistan completes its second IMF programme in its history," he added. The money is necessary to prevent Pakistan from defaulting on external payment obligations, and an IMF deal paves the way for other organisations and governments to provide funds, analysts say. The fiscal adjustments demanded by any deal, however, are likely to fuel record high inflation, which hit 27.5% year-on-year in January. The IMF talks were due to end on Thursday, but Dar said they would continue virtually on Monday, with the aim of reaching a staff-level agreement which then needs to be approved by the IMF’s head office in Washington before the funds are disbursed. In a statement, Pakistan IMF Mission Chief Nathan Porter confirmed talks were continuing, adding that considerable progress had already been made. Read all the  Latest News,  Trending News,  Cricket News,  Bollywood News, India News and  Entertainment News here. Follow us on  Facebook,  Twitter and  Instagram